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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Headphones don’t protect what you say. My girlfriend is an investment banker and I could easily do the same thing. The funny thing is, she only makes low six figures while doing multiple hundred million deals.
If I had the chance to get my wife fired for $1.8 million, I would do it in a second. Money is literally the point of having a job.
Sure but like maybe plan it WITH your wife, like a Bonnie and Clyde thing
I wonder if a better way would be to let a buddy that you trust do it and have him hire you as a consultant for his business. Make it a budy that nobody knows is a good friends of yours.
Absolutely, I was just thinking of it as an immediate choice.
Maybe it’s better not to know so that you have plausible deniability.
So… you’d unilaterally make the decision for the wife (maybe get her fired,) and risk going to jail for 1.8 million they won’t let him keep?
No, in my scenario it’s legal and you get to keep it.
twice as true if she works for an oil company
The difference from WFH and WFO is that the employer can control the environment better; which keeps confidential materials more contained- though people will always talk out of class to get ahead, WFH removed all ability to keep secrets reliably.
Not saying WFH shouldn’t be a thing, but there are some reasons to still require an office. Sensitive materials feature prominently.
Though I’d suggest four walls and a locked door is a good place to start.