Husband makes Rs 14 crore profit by stock trade. But wife files for divorce. Here's why

economictimes.indiatimes.com:

Without his spouse's knowledge, Loudon capitalized on this non-public data to buy 46,450 shares before the acquisition was publicly disclosed. Subsequently, following the announcement, the stock price of the travel center operator surged, allowing Loudon to sell his shares at a considerable profit. After his wife to know that he had

As part of his guilty plea, Loudon agreed to surrender the $1.7 million obtained from these illicit activities. A US district Judge has accepted the plea and scheduled sentencing for May 17. Loudon could face a maximum of five years in federal prison and a potential fine of up to $250,000.

How Loudon obtained non-public information about the deal

According to SEC filings, in October 2021, Loudon's wife commenced employment as a mergers and acquisitions manager at BP. In early 2022, BP assigned Loudon's wife to participate in BP's potential acquisition of TA. As per BP's standard procedure, she was informed of her «in the know» status, prohibiting her from trading in TA's stock. Throughout most of this period, Loudon and his wife worked from home offices situated within close proximity, approximately 20 feet apart, according to the filings. Consequently, they frequently overheard and observed each other's work-related discussions and video conferences. Towards the end of December 2022, Loudon and his wife traveled to Rome, lodging in a small Airbnb where Loudon's wife continued working on the TA deal while Loudon remained