MOSCOW, 26 Feb — A Texas resident illegally earned $1.76 million on the stock exchange in February 2023 by eavesdropping on his wife’s work calls, reports Business Insider.
The material states, citing data from the Securities and Exchange Commission (SEC), that Loudon’s wife worked at BP as an acquisitions and mergers manager. The couple worked from home and could eavesdrop on each other’s work conversations. After learning of the impending deal, Loudon purchased more than 45,000 shares of TravelCenters of America and sold them after the takeover was announced, according to the SEC complaint.
The journalists clarified that the man later learned about BP’s internal investigation and confessed to his wife what he had done. According to the publication, the woman was fired from the company, after which she divorced her husband.
Loudon faces a fine and deprivation of the right to hold certain positions in companies, the material notes.