A Texas man became a millionaire by using information he heard in a call from his wife

A man in Texas made more than $1,000,000 using insider information he obtained by listening to calls from his wife, a manager at London-based oil and gas conglomerate BP. Both of them worked in consecutive rooms from the same house.

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According to the United States Department of Justice, a man identified as 42-year-old Tyler Loudon pleaded guilty to securities fraud for buying and selling stocks based on details obtained from his wife’s business conversations while the two were living in Houston, Texas. Used to work from his home.

Loudon’s wife was an associate manager of mergers and acquisitions for an international oil and gas company. Loudon learned that they were planning to buy a travel center operator business, so, without telling him, he used non-public information about the expected acquisition, and thus anticipated purchasing 46,450 shares before the public announcement. Planted.

As expected, after the transaction, the price of the shares increased, so the man sold them and made a profit of US$1,700,000; However, as part of his plea deal, Loudon agreed to return illegal profits.

He got this punishment for using his wife’s information in Texas

According to the press release, Judge Sim Lake accepted the plea and set sentencing for May 17. At that time, Loudon faces up to five years in federal prison and a possible maximum fine of $250,000.

According to the BBC, the man said he bought the shares because “he wanted to earn enough money so he wouldn’t have to work long hours.”

Read more at El Tiempo