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The Houston man who pled guilty to insider trading after eavesdropping on his BP executive ex-wife was sentenced to two years in prison.
CNBC reports that Tyler Loudon will also get a year of supervised release afterwards. His plea agreement, filed in February, said that between December 2022 and February 2023, Loudon “secretly” bought 46,450 shares of TravelCenters of America stock as BP was in negotiations to buy the company.
Since his then-wife was working remotely at the time, she would casually let Loudon know what was going on with her job. Prosecutors say that she had no idea Loudon was buying TravelCenters shares behind her back.
When BP announced the acquisition, TravelCenters stock surged and Loudon made $1.8 million. After he told his ex-wife what he had done, she reported the trades to BP, divorced him, and moved out of their house.
The sentencing was part of a case brought by the U.S. Attorney’s Office for the Southern District of Texas. There’s a parallel case being pursued by the Securities and Exchange Commission. Now that Loudon has been sentenced, the SEC is discussing what “monetary remedies” it will be seeking from him.