Fraud | BP worker's husband guilty of insider trading after overhearing remote work calls

The husband of a BP employee has pleaded guilty to illegal insider trading after overhearing his wife talking about a deal whilst working from home.

Tyler Loudon pleaded guilty to making over £1.3m ($1.7m) in illegal profits from buying shares in the fuel station chain TravelCenters of America before it was acquired by BP in February 2023, after overhearing about the acquisition from his wife when she was working from home.

The court heard that Loudon and his wife, who resided in the role as mergers and acquisitions manager at BP, worked “within 20 feet of each other” whilst working remotely. And because of their proximity, Loudon was able to hear information of the acquisition and know the company’s stocks would go up in value.

It was revealed that the company’s share rose from $49.94 to $84.83 (£39.54 - £67.17) when the acquisition was made public on February 16 2023, when Loudon sold his shares for a profit of $1.76m (£1.39m).