The US Securities and Exchange Commission (SEC) disclosed its latest case about eavesdropping on the merger between BP Plc and TravelCenters of America Inc., giving a husband in Texas almost $2 million by performing an illegal trade.
Tyler Loudon had bought shares in TravelCenters of America Inc. for months after learning about the possibility of a merger deal between BP Plc and TravelCenters of America Inc. from accessing his wife’s computer and look into her conversation about the deal who was a BP mergers and acquisitions manager at the time and was working on the deal from home office. The report stated that she was unaware of her husband’s action.
She reported the matter to BP after her husband confessed to her, but was later fired without any concrete evidence that indicated the conspiracy between her and her husband.
Tyler liquidated his brokerage and retirement accounts in February 2023 to buy the stock. As BP Plc announced its $1.3 billion deal with TravelCenters of America to buy the company at a 74% premium, Tyler made a profit of $1.76 million from the rise in prices.
As a result, he agreed to pay a fine and gave up the money that was made on the transactions.
