this post was submitted on 26 Feb 2024
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KEY POINTS

  • Tyler Loudon, 41, pleaded guilty to insider trading charges, claiming that he profited $1.76 million based on nonpublic knowledge of BP’s acquisition of TravelCenters of America.
  • Loudon, the husband of a former BP merger and acquisitions manager, learned of the acquisition in 2022 after secretly eavesdropping on his wife’s work calls.
  • Loudon has been ordered to surrender his $1.76 million of illegal profits and pay a separate fine of the same amount.
top 16 comments
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[–] [email protected] 85 points 8 months ago (1 children)

'Hey you're not a lawmaker you can't do that!'

[–] [email protected] 42 points 8 months ago* (last edited 8 months ago) (2 children)

In America there's no law that says House/Senate members CANNOT use insider trading information. How much bullshit is that‽

[–] [email protected] 34 points 8 months ago

It's literally the worst thing you can do in a democracy. Allow your representatives manipulate/be manipulated by the stock market

[–] [email protected] 2 points 8 months ago

More specifically, they are EXEMPTED from insider trading laws that apply to all other citizens. That is hypocrisy at its finest. Just like how they vote on whether to give themselves raises.

[–] [email protected] 36 points 8 months ago* (last edited 8 months ago) (2 children)

Sucks that she did the right thing and self-reported the situation to her supervisor after finding out about it from her husband and was still fired.

[–] [email protected] 26 points 8 months ago (1 children)

HR exists to protect the business, not the employee

[–] [email protected] 5 points 8 months ago

Agreed. Might as well deny, deny, deny.

[–] [email protected] 7 points 8 months ago

She could've done literally nothing and nobody would've cared. This happens everyday all over the world.

[–] [email protected] 29 points 8 months ago

"secretly eavesdropping" Good story.

[–] [email protected] 23 points 8 months ago (1 children)

Thanks for taking the fall, honey!

[–] [email protected] 47 points 8 months ago (1 children)

I mean, she reported him and then divorced him, so it doesn't sound like she was on board.

[–] [email protected] 7 points 8 months ago (1 children)

Could be trying to separate assets? Though I'm pretty sure wherever the assets were at the time of the crime is what matters, some people be stupid.

[–] [email protected] 5 points 8 months ago

And only after they found out people were getting investigated

[–] [email protected] 14 points 8 months ago (1 children)

You would presume that the partner of a BP exec would have sufficient household income. Apparently not..

[–] [email protected] 11 points 8 months ago

"Honey, our third yacht ain't gonna pay for itself!"

[–] [email protected] 6 points 8 months ago

If you steal bp's stockholders wouldn't that make you an environmentalist and model citizen?