US man accused of making $1.8m from listening in on wife’s remote work calls
Regulator charges Tyler Loudon with insider trading in case that could fuel arguments about working from home
US regulators have accused a man of making $1.8m (£1.4m) by trading on confidential information he overheard while his wife was on a remote call, in a case that could fuel arguments against working from home.
The Securities and Exchange Commission (SEC) said it charged Tyler Loudon with insider trading after he “took advantage of his remote working conditions” and profited from private information related to the oil firm BP’s plans to buy an Ohio-based travel centre and truck-stop business last year.
The SEC claims that Loudon, who is based in Houston, Texas, listened in on several remote calls held by his wife, a BP merger and acquisitions manager who had been working on the planned deal in a home office 20ft (6 metres) away.
The regulator said Loudon went on a buying spree, purchasing more than 46,000 shares in the takeover target, TravelCentres, without his wife’s knowledge, weeks before the deal was announced on 16 February 2023. TravelCentres of America’s stock soared by nearly 71% after the deal was announced. Loudon then sold off all of his shares, making a $1.8m profit.
Loudon eventually confessed to his wife, and claimed that he had bought the shares because he wanted to make enough money so that she did not have to work long hours anymore.
She reported his dealings to her bosses at BP, which later fired her despite having no evidence that she knowingly leaked information to her husband. She eventually moved out of the couple’s home and filed for divorce.
