Working from home comes with its fair share of advantages, but a Texas woman recently found out the hard way that it comes with its own share of risks as well. The woman’s husband, Tyler Louden, is alleged to have engaged in insider trading after eavesdropping into his wife’s work calls.
Louden is accused by the SEC to have gained insider information as his wife, a mergers and acquisitions manager for BP, discussed BP’s pending purchase of TravelCenters of America Inc., a chain of truck stops. Louden allegedly purchased 46,450 shares of TravelCenters of America Stock, and then immediately sold them when BP’s announcement skyrocketed the stocks, netting him $1.76 million.
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“Loudon overheard several of his wife’s work-related conversations about the merger while she was working remotely,” reads SEC’s news release. “Without his wife’s knowledge, Loudon purchased 46,450 shares of TravelCenters stock before the merger was announced on February 16, 2023. As a result of the announcement, TravelCenters stock rose nearly 71 percent.”
“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,” said Eric Werner, the Regional Director of the SEC’s Fort Worth Regional Office. “The SEC remains committed to prosecuting such malfeasance.”
Louden’s wife went to her superiors with the news, but was fired shortly thereafter. According to The Guardian, Louden confessed to his shocked wife, saying he was trying to make enough money so she could work fewer hours. Louden’s wife went to her superiors with the information, but was fired. She has reportedly filed for divorce since.
