My MBA Journey: How I Made $1.8M on BP Shares Working From Home

Last Updated on February 25, 2024 by Robert C. Hoopes

Houston Man Pleads Guilty to Insider Trading, Making $1.76 Million in Illegal Profits

In a shocking turn of events, 42-year-old Tyler Loudon from Houston has pleaded guilty to insider trading after making a whopping $1.76 million in illegal profits. Loudon admitted to purchasing thousands of shares in TravelCenters of America just before its acquisition by BP.

The Securities and Exchange Commission (SEC) alleges that Loudon overheard conversations about the planned takeover through his wife, who worked for BP at the time. Despite purchasing the shares without his wife’s knowledge, Loudon confessed to her about the insider trading after learning that BP was investigating the matter.

As a result, Loudon’s wife was fired from BP despite no evidence of her involvement in the illegal scheme. Following the confession, she moved out and initiated divorce proceedings against Loudon.

In light of the allegations, Loudon has not denied his involvement and has agreed to a partial judgment with penalties. The case serves as a stark reminder of the serious consequences of insider trading and the ways in which it can impact not only the individuals involved but also their families and relationships.

Stay tuned to My MBA Career for more updates on this ongoing case and other news related to white-collar crimes in the business world.