Home » Texas Man Pleads Guilty to Securities Fraud After Using Wife’s Inside Information for $1 Million Profit

Texas Man Pleads Guilty to Securities Fraud After Using Wife’s Inside Information for $1 Million Profit

by admin
Texas Man Pleads Guilty to Securities Fraud After Using Wife’s Inside Information for $1 Million Profit

A Texas man has pleaded guilty to securities fraud after making over $1,000,000 by using inside information obtained from his wife, who worked as a manager at BP. Tyler Loudon, 42, bought and sold stocks based on details he overheard from his wife’s business conversations while they both worked from their home in Houston.

Loudon’s wife was involved in mergers and acquisitions at the oil and gas company, and he used non-public information about an upcoming acquisition to purchase shares before the public announcement. After the shares rose in value, he sold them for a profit of $1,700,000. As part of his plea deal, Loudon agreed to return the illegal profits.

Judge Sim Lake accepted Loudon’s plea and set his sentencing for May 17. He faces up to five years in federal prison and a maximum fine of $250,000. The man claimed he bought the shares in an attempt to earn enough money for his wife to no longer have to work long hours.

The case serves as a reminder of the consequences of using privileged information for personal gain.

See also  NBA, a birthday not to be forgotten: the gesture of the Thunder moves Monty Williams

You may also like

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy