US regulators have accused a man of making $1.8m (£1.4m) by trading on confidential information he overheard while his wife was on a remote call, in a case that could fuel arguments against working from home.
The Securities and Exchange Commission (SEC) said it charged Tyler Loudon with insider trading after he “took advantage of his remote working conditions” and profited from private information related to the oil firm BP’s plans to buy an Ohio-based travel centre and truck-stop business last year.
The SEC claims that Loudon, who is based in Houston, Texas, listened in on several remote calls held by his wife, a BP merger and acquisitions manager who had been working on the planned deal in a home office 20ft (6 metres) away.
The regulator said Loudon went on a buying spree, purchasing more than 46,000 shares in the takeover target, TravelCentres, without his wife’s knowledge, weeks before the deal was announced on 16 February 2023. TravelCentres of America’s stock soared by nearly 71% after the deal was announced. Loudon then sold off all of his shares, making a $1.8m profit.
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They targeted a regular dude, not they companies raking in billions off of shit like this.
And the article for some reason thinks this is a case for getting rid of work from home?
Wtf do we live in
A world where those very corporations control media outlets
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I think to avoid SEC complications, you have to have a high net worth BEFORE your scam, not just because of it. Since money can be seized without a presumption of innocence, they’d likely just seize the 2mill profit and say you have to prove its innocence to get it back.
You’d need to have a high enough net worth from the get-go in order to make it seem more expensive than it’s worth to investigate/litigate.