Man Makes $1.8m by Eavesdropping on Wife’s Work Calls, SEC Says

Man Makes $1.8m by Eavesdropping on Wife’s Work Calls, SEC Says

A Houston man has been charged with insider trading by the US Securities and Exchange Commission (SEC) for allegedly making $1.8m by listening to his wife’s work calls at home and trading on the confidential information he learned. The SEC said that Tyler Loudon, whose wife was a manager at BP, overheard several calls about BP’s plan to acquire TravelCentres of America, a travel center and truck-stop business, in early 2023.

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Without his wife’s knowledge, Loudon bought more than 46,000 shares of TravelCentres before the deal was announced, and sold them after the stock price surged by nearly 71%, making a huge profit.

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Horizon Capital resumed the fundraising after a few weeks, and increased the cap to $300m, and then to $350m, due to the strong demand from investors. The fund closed this month, with backing from the European Bank for Reconstruction and Development, the Rockefeller Foundation, and other institutional and private investors. Koszarny said that the investors were impressed by the resilience and performance of the Ukrainian companies, especially in the IT, food and agriculture, and light manufacturing sectors, which generate hard currency and are less affected by the domestic situation.
“We allege that Mr Loudon took advantage of his remote working conditions and his wife’s trust to profit from information he knew was confidential. The SEC remains committed to prosecuting such malfeasance,” said Eric Werner, the regional director of the SEC’s Fort Worth office.

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