A Houston, Texas, man has pleaded guilty to making money off the stock market by eavesdropping on his wife’s calls while she was working from home.
Tyler Loudon, whose wife was an associate manager in mergers and acquisitions at an internationally-based oil and gas company, made $1.7 million in illegal profits from the purchase and sale of stock market shares, according to a release obtained by ABC News. By listening in on his wife’s calls, he learned that her company was planning to purchase a travel center operator business.
“Unbeknownst to his spouse, Loudon used the non-public information about the expected acquisition to purchase 46,450 shares ahead of the public notice,” said the release, after which, the travel center operator’s stock price increased, and Loudon “then sold his shares for a substantial profit.”
As part of his plea agreement, Loudon agreed to forfeit the $1.7 million in illegal proceeds.
Loudon faces up to five years in federal prison and a possible $250,000 maximum fine.