2024-02-28 14:32:00
A resident of Houston, Texas (United States) has been accused of insider trading since February 22. He would have earned $1.76 million, or 1.62 million euros, after spying on his wife’s professional phone chats, reports Corey this Tuesday. She was responsible for mergers and acquisitions at the oil giant BP.
The man notably listened to a series of telephone calls involving his wife regarding the acquisition of the TravelCenters of America company, explains Quartz. The amount of the transaction reached 1.3 billion dollars, that is to say almost 1.2 billion euros. After having access to this information, the American bought 46,450 shares of the company then resold them, with a profit of 1.76 million dollars (approximately 1.62 million euros).
The husband risks prison and a heavy fine
This unusual transaction, presenting several typical characteristics of insider trading, attracted the attention of the American body responsible for the control and management of financial markets, the Securities and Exchange Commission (SEC). The buyer of shares was indicted by the organization and risks up to five years in prison and a fine of 250,000 dollars (around 231,000 euros). He pleaded guilty.
The husband also confessed the facts to his partner, who rushed to pass the information on to her employers. Although the internal investigation found no connection between her and the transaction, the wife was fired. She left the marital home and also filed for divorce following this affair. According to the accused, the operation was intended to allow his wife to work less so that they could spend more time together.
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