BP exec's husband guilty of insider trading $1.8 million, snooped on her calls

MicroWave@lemmy.world to News@lemmy.world – 239 points – BP exec's husband guilty of insider trading $1.8 million, snooped on her calls
cnbc.com

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

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

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

Thanks for taking the fall, honey!

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

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.

And only after they found out people were getting investigated

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

HR exists to protect the business, not the employee