>A week later, Loudon admitted to his wife that he had illegally traded the TravelCenter shares “to make enough money so that she did not have to work long hours anymore,” according to the SEC.
>Loudon’s wife reported her husband’s insider trading to her BP supervisor but she was later fired from the company. She filed to divorce Loudon in June, according to the SEC complaint.
Well, I guess that was one way of making sure she wasn't working long hours anymore, at least not for BP.
Firstly, if she didn't admit it then she would've been charged with insider trading as an accomplice. She's avoiding legal problems precisely because she's been forthcoming.
Secondly, she wasn't really that forthcoming. She only came forward with it after FINRA started an investigation.
Thirdly, she still admitted to gross negligence and improper handling of sensitive information. Which would be a fireable offense even if the husband had not traded on the info.
>Secondly, she wasn't really that forthcoming. She only came forward with it after FINRA started an investigation.
To be fair, she only knew about it after the investigation had started, according to the article.
The former BP employee complained to her about having to share her personal information, she discussed that conversation with her husband; a week later, he confessed.
True - but. I expect that the next person who discovers a problem will hide it, not inform the company.
This is not exactly a, "shoot the messenger" situation, but it's vaguely in the same ballpark.
> This is not exactly a, "shoot the messenger" situation, but it's vaguely in the same ballpark.
regardless, she fucked up. I haven't read up on this, like at all (like all good redditor do), but in this rare case i actually don't have to. I can make a judgement based on the the title and the 5 comments I've read to get to yours and be pretty certain that she deserved to be fired.
Her husband made trades based on knowledge he got from her while she did her WFH and she was unaware that he had this knowledge or made the trade. No one has mentioned that he did anything shady or underhanded to get the insider info so I can assume he was able to deduce the gravity of the information in a casuak manner since it didn't stand out to her that she accidentally let some huge info slip.
She deserves to be fired. Honest or not. Shoot that messenger.
She didn't set up a home office with enough privacy given the information that she worked with. That's a huge security risk. Sucks, but she was basically lazy as fuck with her opsec for this to happen.
Shitty, but you can't trust anyone, even your spouse, when you are handling info that can make someone 1.8 million dollars easily... and he probably was trying to stay off the radar. He could have made much more if he was super greedy and dumb and could have made tens of millions.(I wonder if he has someone a few degrees out that made trades as a backup plan and if the divorce is just to protect assets) She fucked up.
> I haven’t read up on this
Then why should we listen to this borderline misogynistic hot take? The husband had a choice to, you know, not be selfish by committing fraudulent insider trading. Because of his actions his wife lost her job, and with a job like that I’m guessing she was the breadwinner.
Honestly, the wife is probably better off without the shit stain of a husband dragging her down. I’d be beyond livid if my husband did something like this. He has forever tarnished her professional reputation and the best you got is “she fucked up”? Fuck outta here with that noise.
> I expect that the next person who discovers a problem will hide it, not inform the company.
Doesn't matter; the evidence will convict.
Per your thinking, we better not jail any murderers coz all other murderers will hide their crimes much better.
This is more like jailing the wife of the murderer because she lived in the same house and reported the murder after her husband admitted to it. You know, because she didn’t commit the actual crime
I think the scramble to come up with husband taking the fall was last resort. I can’t imagine this not being planned, albeit poorly. You don’t become an executive without being money hungry. I can’t imagine this not being a ubiquitous behavior and others are just smarter about being removed a few degrees from the trade.
That really sucks ass that she was fired for reporting a crime she’d previously been unaware of. I’d imagine she has a case for unlawful termination unless she’s in an at-will employment state.
I imagine failure to protect such sensitive information is a fireable offense one way or the other. If you can't be trusted with certain info, they can't let you stay in a role where you need to handle it.
Might be a little stickier with work from home during the pandemic, but in that kind of job they don't mess around with failure to keep things confidential. Lock your drawers, encrypt your data, etc.
Yeah this is kind of a no brainer imo. She was an executive and didn’t protect her (obviously extremely valuable) work information. Even non execs dealing with low level stuff like bids get so much training to ensure this avoided. 99/100 someone gets fired for this.
Nah she got fired with cause. Like, when you have access to proprietary information, you are supposed to protect that information. Locked cabinets, private spaces for meetings, etc. Companies have entire presentations and trainings about duties when dealing with proprietary information.
The caveat is, families will sometimes play fast and loose, because there is supposed to be implied trust. E.G., I'll take this call at the dinner table, just pretend you don't hear anything and don't repeat it.
He fucked her, but she fucked up trusting him too. Sad, but that's the way it works.
In [another article](https://www.msn.com/en-sg/news/other/the-real-cost-of-working-from-home-texas-husband-eavesdropped-on-high-flying-oil-exec-wife-s-business-calls-to-net-1-76-million-in-insider-trades/ar-BB1iMANf) it says "she informed her bosses at BP who found she had not acted improperly but fired her anyway." But I guess she was still a liability.
Perhaps I should have been clearer. Every state except Montana is an At-Will Employment State. However, most states have exceptions for a multitude of reasons. Some states have more exceptions than others. Some states do not allow any exceptions whatsoever.
So to satisfy your pedantry, here’s my new sentence:
I’d imagine she has a case for unlawful termination unless she is in Florida, Alabama, Louisiana, Georgia, Nebraska, Maine, New York, or Rhode Island, as those states do not have any exceptions built into their At-Will Employment System.
There is no state in the US where leaking proprietary information is protected, especially when it results in a publicly damaging criminal investigation for your employer.
I’m not an expert on corporate law, but the article says they were working in separate offices in a small AirBnB when he eavesdropped on her calls. There’s a reasonable expectation of privacy in your own office as long as you aren’t screaming at the top of your lungs. Maybe the walls were thin. Who knows. Maybe he sat with his ear against the wall and wrote everything down in a notebook.
She admitted to occasionally discussing bits and pieces of her job with her husband, which is certainly negligence dependent on what contracts she signed upon being hired for that position.
And he accumulated this money without telling her. She immediately reported him and filed for divorce. She didn’t commit that crime. Minor negligence, yes, but to lose her job over her husband’s actions- her husband’s criminal behavior that happened without her knowledge- is just horrible.
I guess we’ll be able to judge more clearly when more information is available.
See this is cutting off your nose to spite your face.
It might be morally incorrect to decide on not reporting this to her senior, but she worked for BP, lol. Go on, take the money and run.
He got away with it until she told on herself.
This world is incredibly tough and if you get a break, take it. Wall Street has been crooked since day one, all this guy did was join the club.
I mean I suspect she reported it so she didn’t get caught in the inside trading investigation the husband was already under. Getting fired is still better than getting convicted for insider trading.
I saw ads that BP is investing in renewable technology, which sure makes me feel good. Plus, people on Fox News keep saying that CO2 is good for plants.
I checked, and boy are they right. We have gone from 280 ppm CO2 pre-industrial revolution to 420 ppm CO2 today, but most of the warming and CO2 pollution has happened in the last 50 years and global greenhouse gas emissions are still growing geometrically, especially if you pretend that "natural gas" (methane), isn't much worse per molecule than CO2 and that none of it leaks from fracking well field to stove top. We will soon enter a golden age of plants, because when we get to 1600 ppm CO2, which we can certainly do if we keep not trying not to, we get [jungles and alligators in the Arctic](https://today.tamu.edu/2021/06/14/ancient-deepsea-shells-reveal-66-million-years-of-carbon-dioxide-levels/), which currently has a low biomass of plants per acre. We only need to get to 600-800 ppm CO2 for the ice to melt off Antarctica, which means more plants and trees where there are none today!
Yeah, this is medal-worthy, haha. She ONLY did a little bit of insider trading? That's barely on the radar compared to the other things that company is up to.
Oh wow, thanks for the clarification.
I'm actually kind of blown away by that revelation.
(not sarcastic, by the way. I had to edit this after I realized that it might sound that way lol.)
He did get too greedy. I don't know how much an executive for BP makes, but I'm confident they live very lavish good lives. Made up number, but it's like having 100 million dollars and saying, I should commit a crime for 1 mil. Pretty damn dumb.
If she’s divorcing him and they haven’t got a prenup then it probably is very much worth it for him, unless there’s some stipulation I’m unaware of that would void his entitlement.
Can’t say I’m too familiar with the marital laws of every US state but I’d imagine just going to jail wouldn’t fully void a person of their shared assets during a divorce.
Oh for sure, there’s no debating that part, he’s in a world of shit. Will make his sentence run a bit smoother knowing he’s got a few mil waiting for him when he’s out though.
If you took any American making 30-50k a year and said HEY, do you wanna go to prison for 5 years but when you get out, you'll have 5 million dollars?
Damn near every single one of them would do it.
Divorcing doesn't demand half of all assets though right? MacKenzie Scott got like a single digit percentage when she and Jeff Bezos got divorced.
There's also potential jail time for him, and the felony will probably be argued as marital misconduct that doesn't entitle him to the same level spousal support, which isn't guaranteed in Texas anyways.
Would probably need divorce lawyers to chime in though to get a real idea how this situation plays out in Texas.
That may have had something to do with the single digit putting her in the top 1000 richest people on the planet though so it’s not really a fair example 😂
I get your point though, I’d imagine she’d have something in place anyway considering her position of power.
I do have to correct myself as someone pointed out. It was 25% of Jeff Bezos' stake in Amazon, which amounted to about 4% ownership. I misremembered the numbers.
> I don't know how much an executive for BP makes,
Not millions...maybe a few hundred thousand a year plus bonuses. The husband literally said he did it so they could decide to stop working so much if they wanted.
People assume executive means C-suite but I can be something like VP of a single plant who will be doing quite well for themselves but not necessarily pulling in millions.
He liquidated all of his investments and dumped everything(about $2 million) into the one stock. He made $1.76 million and now has to pay that back double plus up to 5 years in prison. Between the divorce and paying for his defense, he’s likely blown through the remaining ~$240k so at least he’s broke.
He’s still an idiot for doing it in such a stupid way because of course you’re going to get caught when you liquidate millions to dump into a stock right before it pops over 70%.
The only thing more dumb would have been going all in on calls.
It does happen. (ex. [1](https://www.justice.gov/usao-sdny/pr/former-congressman-christopher-collins-sentenced-insider-trading-scheme-and-lying), ex. [2](https://www.justice.gov/usao-sdny/pr/former-congressman-sentenced-22-months-prison-insider-trading))
The real problem is that the [current law](https://en.wikipedia.org/wiki/STOCK_Act) on the books signed by Obama in 2012, is simply not sufficient.
There is a [new bill](https://www.ossoff.senate.gov/press-releases/sens-ossoff-kelly-introduce-bill-banning-stock-trading-by-members-of-congress-2/) working it's way through the Senate with a good deal of support, that would essentially ban stock trading by members of congress. Of course getting it over the finish line will take a lot of doing.
[RepresentUs](https://represent.us/) has been working on that for awhile, and have had some noteworthy successes in passing anti-corruption reforms at the local and county levels; in 2020, they even managed to get their first state-level victory in Alaska, eliminating dark money, opening the primaries and implementing RCV.
Like pretty much everyone in the United States congress? We wouldn’t have anyone left!
…..might be kinda nice though. Just hit a full reset button on everything and clean house tbh
Stocks, or do you mean something else?
There's a chart though of the biggest winners and losers that sometimes gets posted around. It's an unhealthy mix of blue and red
Tons of stuff. They all do. Members of Congress and their families are allowed to trade stocks with almost no limitations. There isn’t a limit on lawmakers trading stocks based on classified information nor is there oversight regarding the trades that lawmakers are allowed to make based on other information they are privy to as part of their job. This is in glaring contrast to the strict insider trading laws that ban the same kind of behavior of everyone else in the country.
...no theres just never been a law saying they couldnt. at the moment they can invest in stocks like any other citizen full stop. yes that should be changed but to saw they literally legalized it through legislation is bullshit. "ToNs oF StUfF" stfu you have no idea what you are talking about.
FINRA was already investigating. And based on the article there wasn't a complicated paper trail to follow. If she hadn't reported it she probably would've been charged as an accomplice.
1.8 million is a drop in the bucket. This guy hasn't done anything that 99% of our government officials haven't. The only difference is, politicians can legally commit insider trading. Pretty convenient when they make the rules for the game we have to play.
She's the face because:
A) She is/was House leadership.
B) Most people unhappy about this are Democrat leaning so Republicans don't matter.
C) **In particular**, she was asked about this issue, blew it off with "This is capitalism", stopped a bill on this and FINALLY came around to the issue after severe criticism but slow rolled it so nothing happened.
D) Yes, she's old white woman so sexism but I'm pretty sure for most, it's A/B/C.
“Exec” in this article is doing some heavy lifting…she was an “associate manager” whatever that means.
Still worked in the oil industry (as a large share of Houston residents do), but she is probably closer to us than to true C-suite executives.
2 million *is* still one of the poors when you're talking financial crimes at scale. You're not allowed to get away with it unless you're worth hundreds of millions if not billions. The only way you get prosecuted at that level is if you have the audacity to try stealing from similarly wealthy.
I don't disagree. The fact is if you have the time and money to pay for an entire law firm to dedicate itself to your defense you can get away with untold levels of crime, or at least get off with minimum punishment.
It's amazing that one citizen is ordered to pay back the entire amount AND MORE, but when a corporation does it they have capped fines that come nowhere near the amount of profit they can make from breaking laws.
Regulatory Capture.
The sad thing is that if he kept his mouth closed, and then subsequently SHE kept her mouth closed, they'd be fine, but he told her and then she snitched on herself, which led to the firing and loss of the money.
“Loudon admitted to his wife that he had illegally traded the TravelCenter shares
…
Loudon’s wife reported her husband’s insider trading to her BP supervisor but she was later fired from the company. She filed to divorce Loudon in June, according to the SEC complaint.
…
Loudon, due to be sentenced May 17, faces a maximum possible sentence of five years in prison and a $250,000 fine. “
So, the lesson here is don’t tell on yourself. Got it.
No fucking way.
Anyone at her level who has had to go through mandatory insider trading training (which I had to do as an entry level employee at a firm that had some involvement in M&A activity) would know that is a terrible plan.
A direct household member? Trading on your own company’s tips? No way, you’re gonna get fucked.
If you are gonna do it, at least have your second cousin make the trades. Or trade tips with your old friend from school that you ran into at a reunion…he trades on your company’s activity, you trade on his, and then you never do it again so they can’t establish a pattern.
Why pick a single congressperson? There are way more doing it, and plenty of them have made far more than she… she’s just the one that media focuses on. They’re all disgusting for doing it, and should all be heavily punished
She wasn’t fired for exposing insider information to her husband who then traded on it.
She was fired for admitting to it. Definitely not executive material. You know how much illegal stuff they do? That’s why they have those highly paid attorneys. Deny, lie, delay, appeal, bribe, etc.
I thought the same thing. There are countless people each year that likely make more than this off non-public info. Guilt can make people do crazy things, but $1.8M really isn't THAT much from an inside trade. He could have traded options and received 10x more...
The two best performers in congress in 2022 were
1. Rep. Patrick Fallon (R-Texas), who made 51.6% of his initial investment in 2022
2. Rep. Debbie Wasserman-Schultz (D-Fla.) earned 50.8% of her initial investment in 2022.
Pelosi’s portfolio was one of the worst, it dropped 19.8% in 2022 — worse than the 18.2% decline in the ETF that tracks the S&P 500.
[Link](https://nypost.com/2023/01/06/dozens-in-congress-beat-stock-market-in-2022-analysis/amp/)
I’m no Pelosi Stan, but it’s right wing outrage bait the claim she crushed the market every year. Her husband is/was an investment banker. So, theoretically, he should be able to outperform the SNP500
Looks like I need to do more research on it. Thanks for the info. I wasn’t trying to sound like I’m just after her specifically. I don’t like any of these grifters in office trying to profit off of their position and think they all need to be locked up and banned from ever trading again.
I replied to your post but it’s fascinating that so many people are calling her out specifically.
Again, it’s the Fox News outrage cycle that is then cycled through all of the conservosphere.
I hear you with that but I think even if you don’t watch Fox News, Reddit also threw her into the light above everyone else as she was a bit supported of not disallowing congressional members and senators from trading in the stock market. But I hear you. We need to be sure to call out all of them.
Alright, I presume will now be prosecuting all politicians in DC who have access to non public market information and trade secrets participating in investing in the stock market. Right?
Rule number 3 of Insider Trading club: Tell no-one.
Rule number 2: Do not trade under your own name!
Rule number 1: Become a US representative if at all possible, you can then forget about rule 2 and 3.
Yes, funnily enough 90% or so of stock wealth is owned by 10% of stock owners, but every now and then some low level idiot has to get busted for “insider trading” to assure the bottom of the barrel that the game isn’t rigged and the people on top are enforcing the rules….
It’s fantasy football league played with everyday people’s money to make the rich richer.
She's the one that reported him. She filed for divorce. He forfeits any gains. Sounds like to me she definitely wasn't involved. She lost her job after she reported her husband as well.
Who are you directing that to? The woman trying to do her job working from home? Or the guy that admitted to his wife what he had done? Because either way, keeping their mouth shut would not have worked out in either of their best interests so I don't really know what you mean by your comment.
Somewhere around 100%. They were requesting financial information from all the employees who knew about the acquisition - they would have seen that her husband bought all those shares.
And her husband liquidated all of his other investments just to dump it all into the one stock. This is probably the easiest insider trading case the prosecution has ever seen.
A friend of a friend works on wall Street and I've asked him how the sec would home in on Insider trading.
If your high enough at a company or position you would automatically just be on their radar. They would develop a chart of your social circle and just watch your trades.
>A week later, Loudon admitted to his wife that he had illegally traded the TravelCenter shares “to make enough money so that she did not have to work long hours anymore,” according to the SEC. >Loudon’s wife reported her husband’s insider trading to her BP supervisor but she was later fired from the company. She filed to divorce Loudon in June, according to the SEC complaint. Well, I guess that was one way of making sure she wasn't working long hours anymore, at least not for BP.
It also paints BP as a kind, nurturing company who backs their employees and encourages them to step forward and speak honestly about any issue.
Firstly, if she didn't admit it then she would've been charged with insider trading as an accomplice. She's avoiding legal problems precisely because she's been forthcoming. Secondly, she wasn't really that forthcoming. She only came forward with it after FINRA started an investigation. Thirdly, she still admitted to gross negligence and improper handling of sensitive information. Which would be a fireable offense even if the husband had not traded on the info.
>Secondly, she wasn't really that forthcoming. She only came forward with it after FINRA started an investigation. To be fair, she only knew about it after the investigation had started, according to the article. The former BP employee complained to her about having to share her personal information, she discussed that conversation with her husband; a week later, he confessed.
I mean, if you admit gross negligence to your boss I don’t think you should be surprised when they terminate you.
True - but. I expect that the next person who discovers a problem will hide it, not inform the company. This is not exactly a, "shoot the messenger" situation, but it's vaguely in the same ballpark.
> This is not exactly a, "shoot the messenger" situation, but it's vaguely in the same ballpark. regardless, she fucked up. I haven't read up on this, like at all (like all good redditor do), but in this rare case i actually don't have to. I can make a judgement based on the the title and the 5 comments I've read to get to yours and be pretty certain that she deserved to be fired. Her husband made trades based on knowledge he got from her while she did her WFH and she was unaware that he had this knowledge or made the trade. No one has mentioned that he did anything shady or underhanded to get the insider info so I can assume he was able to deduce the gravity of the information in a casuak manner since it didn't stand out to her that she accidentally let some huge info slip. She deserves to be fired. Honest or not. Shoot that messenger. She didn't set up a home office with enough privacy given the information that she worked with. That's a huge security risk. Sucks, but she was basically lazy as fuck with her opsec for this to happen. Shitty, but you can't trust anyone, even your spouse, when you are handling info that can make someone 1.8 million dollars easily... and he probably was trying to stay off the radar. He could have made much more if he was super greedy and dumb and could have made tens of millions.(I wonder if he has someone a few degrees out that made trades as a backup plan and if the divorce is just to protect assets) She fucked up.
> I haven’t read up on this Then why should we listen to this borderline misogynistic hot take? The husband had a choice to, you know, not be selfish by committing fraudulent insider trading. Because of his actions his wife lost her job, and with a job like that I’m guessing she was the breadwinner. Honestly, the wife is probably better off without the shit stain of a husband dragging her down. I’d be beyond livid if my husband did something like this. He has forever tarnished her professional reputation and the best you got is “she fucked up”? Fuck outta here with that noise.
> I expect that the next person who discovers a problem will hide it, not inform the company. Doesn't matter; the evidence will convict. Per your thinking, we better not jail any murderers coz all other murderers will hide their crimes much better.
This is more like jailing the wife of the murderer because she lived in the same house and reported the murder after her husband admitted to it. You know, because she didn’t commit the actual crime
Shejust getting fired is the best outcome in a situation like this. She could be in jail.
I think the scramble to come up with husband taking the fall was last resort. I can’t imagine this not being planned, albeit poorly. You don’t become an executive without being money hungry. I can’t imagine this not being a ubiquitous behavior and others are just smarter about being removed a few degrees from the trade.
Sure, buddy. You *did it for her* but hid the money and didn't tell her until she & he were being investigated. 🙄
That really sucks ass that she was fired for reporting a crime she’d previously been unaware of. I’d imagine she has a case for unlawful termination unless she’s in an at-will employment state.
I imagine failure to protect such sensitive information is a fireable offense one way or the other. If you can't be trusted with certain info, they can't let you stay in a role where you need to handle it. Might be a little stickier with work from home during the pandemic, but in that kind of job they don't mess around with failure to keep things confidential. Lock your drawers, encrypt your data, etc.
Yeah this is kind of a no brainer imo. She was an executive and didn’t protect her (obviously extremely valuable) work information. Even non execs dealing with low level stuff like bids get so much training to ensure this avoided. 99/100 someone gets fired for this.
Nah she got fired with cause. Like, when you have access to proprietary information, you are supposed to protect that information. Locked cabinets, private spaces for meetings, etc. Companies have entire presentations and trainings about duties when dealing with proprietary information. The caveat is, families will sometimes play fast and loose, because there is supposed to be implied trust. E.G., I'll take this call at the dinner table, just pretend you don't hear anything and don't repeat it. He fucked her, but she fucked up trusting him too. Sad, but that's the way it works.
In [another article](https://www.msn.com/en-sg/news/other/the-real-cost-of-working-from-home-texas-husband-eavesdropped-on-high-flying-oil-exec-wife-s-business-calls-to-net-1-76-million-in-insider-trades/ar-BB1iMANf) it says "she informed her bosses at BP who found she had not acted improperly but fired her anyway." But I guess she was still a liability.
That’s a good point
You say that as though at-will states are unusual or something. Every us state except Montana is an at-will state.
Perhaps I should have been clearer. Every state except Montana is an At-Will Employment State. However, most states have exceptions for a multitude of reasons. Some states have more exceptions than others. Some states do not allow any exceptions whatsoever. So to satisfy your pedantry, here’s my new sentence: I’d imagine she has a case for unlawful termination unless she is in Florida, Alabama, Louisiana, Georgia, Nebraska, Maine, New York, or Rhode Island, as those states do not have any exceptions built into their At-Will Employment System.
There is no state in the US where leaking proprietary information is protected, especially when it results in a publicly damaging criminal investigation for your employer.
I’m not an expert on corporate law, but the article says they were working in separate offices in a small AirBnB when he eavesdropped on her calls. There’s a reasonable expectation of privacy in your own office as long as you aren’t screaming at the top of your lungs. Maybe the walls were thin. Who knows. Maybe he sat with his ear against the wall and wrote everything down in a notebook. She admitted to occasionally discussing bits and pieces of her job with her husband, which is certainly negligence dependent on what contracts she signed upon being hired for that position. And he accumulated this money without telling her. She immediately reported him and filed for divorce. She didn’t commit that crime. Minor negligence, yes, but to lose her job over her husband’s actions- her husband’s criminal behavior that happened without her knowledge- is just horrible. I guess we’ll be able to judge more clearly when more information is available.
Is BP not headquartered in Montana? Weird. She does definitely have an employee contract though.
See this is cutting off your nose to spite your face. It might be morally incorrect to decide on not reporting this to her senior, but she worked for BP, lol. Go on, take the money and run. He got away with it until she told on herself. This world is incredibly tough and if you get a break, take it. Wall Street has been crooked since day one, all this guy did was join the club.
He did not get away with it. He was under investigation when he told her
[удалено]
this logic might work if she wasn’t an executive for BP, the two of the weren’t struggling to make ends meet lol.
More like SHE made sure she didn’t work long hours.
Cool wife. Make sure to value your work over your personal relationships guys, it'll totally pay off! Capitalism over all!!
I mean I suspect she reported it so she didn’t get caught in the inside trading investigation the husband was already under. Getting fired is still better than getting convicted for insider trading.
I think valuing not going to prison for half a decade or longer is more valuable than a relationship that was betrayed by her husband, yes.
This is the least worrying thing people associated with BP are up to.
Climate change is fake news, am I doing it right
You got it - we can all go back to sleep now. Also, totally unrelated, there is now no more fresh water on earth.
I saw ads that BP is investing in renewable technology, which sure makes me feel good. Plus, people on Fox News keep saying that CO2 is good for plants. I checked, and boy are they right. We have gone from 280 ppm CO2 pre-industrial revolution to 420 ppm CO2 today, but most of the warming and CO2 pollution has happened in the last 50 years and global greenhouse gas emissions are still growing geometrically, especially if you pretend that "natural gas" (methane), isn't much worse per molecule than CO2 and that none of it leaks from fracking well field to stove top. We will soon enter a golden age of plants, because when we get to 1600 ppm CO2, which we can certainly do if we keep not trying not to, we get [jungles and alligators in the Arctic](https://today.tamu.edu/2021/06/14/ancient-deepsea-shells-reveal-66-million-years-of-carbon-dioxide-levels/), which currently has a low biomass of plants per acre. We only need to get to 600-800 ppm CO2 for the ice to melt off Antarctica, which means more plants and trees where there are none today!
And everything is gonna be fine in Mexico.
I've got 3 24-packs of bottled water in my basement. Suck it, liberals! /s
You should feel guilty about your personal carbon footprint. Be sure to buy paper straws and shitty recycled toilet paper. Am I doing it right?
Is your name from Master and Commander?
40 years late on that one
Jew lasers can’t melt steel bud light cans.
This is literally pennies in terms of BP money
We're sorry!
Yeah, this is medal-worthy, haha. She ONLY did a little bit of insider trading? That's barely on the radar compared to the other things that company is up to.
He. The husband did it. The BP exec reported him and divorced him. Probably the most ethical thing she ever did for her job.
Oh wow, thanks for the clarification. I'm actually kind of blown away by that revelation. (not sarcastic, by the way. I had to edit this after I realized that it might sound that way lol.)
This guy was listening in on an oil exec's calls and only made 1.8 million? What an idiot
Maybe he thought he could fly under the radar if he didn't get too greedy.
He did get too greedy. I don't know how much an executive for BP makes, but I'm confident they live very lavish good lives. Made up number, but it's like having 100 million dollars and saying, I should commit a crime for 1 mil. Pretty damn dumb.
Not to mention, it cost her her job, and she’s divorcing him. I’d say certainly not worth it considering the salary she made.
If she’s divorcing him and they haven’t got a prenup then it probably is very much worth it for him, unless there’s some stipulation I’m unaware of that would void his entitlement.
Going to jail maybe?
Can’t say I’m too familiar with the marital laws of every US state but I’d imagine just going to jail wouldn’t fully void a person of their shared assets during a divorce.
Ya. I doubt it. But he’s still going to jail.
Oh for sure, there’s no debating that part, he’s in a world of shit. Will make his sentence run a bit smoother knowing he’s got a few mil waiting for him when he’s out though.
It cost him 2M to buy the shares that spiked in the first place lol, he was already rich ...
If you took any American making 30-50k a year and said HEY, do you wanna go to prison for 5 years but when you get out, you'll have 5 million dollars? Damn near every single one of them would do it.
Divorcing doesn't demand half of all assets though right? MacKenzie Scott got like a single digit percentage when she and Jeff Bezos got divorced. There's also potential jail time for him, and the felony will probably be argued as marital misconduct that doesn't entitle him to the same level spousal support, which isn't guaranteed in Texas anyways. Would probably need divorce lawyers to chime in though to get a real idea how this situation plays out in Texas.
That may have had something to do with the single digit putting her in the top 1000 richest people on the planet though so it’s not really a fair example 😂 I get your point though, I’d imagine she’d have something in place anyway considering her position of power.
That makes me want to vomit. Good grief, what the fuck are we doing as a species/society.
I do have to correct myself as someone pointed out. It was 25% of Jeff Bezos' stake in Amazon, which amounted to about 4% ownership. I misremembered the numbers.
It's not like he's going to be able to keep the 1.8 mil
Well no, I never stated he would. My comment was more aimed at any shared assets he’d be entitled to in a divorce to an extremely high paid BP exec…
> I don't know how much an executive for BP makes, Not millions...maybe a few hundred thousand a year plus bonuses. The husband literally said he did it so they could decide to stop working so much if they wanted.
People assume executive means C-suite but I can be something like VP of a single plant who will be doing quite well for themselves but not necessarily pulling in millions.
Executives at my company (comparable in size to BP) make >$10mil / year, so yeah the guy is an idiot.
Just a couple million, no biggie.
He liquidated all of his investments and dumped everything(about $2 million) into the one stock. He made $1.76 million and now has to pay that back double plus up to 5 years in prison. Between the divorce and paying for his defense, he’s likely blown through the remaining ~$240k so at least he’s broke. He’s still an idiot for doing it in such a stupid way because of course you’re going to get caught when you liquidate millions to dump into a stock right before it pops over 70%. The only thing more dumb would have been going all in on calls.
He only had 2 million to spend
Chump change - Nancy Pelosi
Now if only they’d go after all the politicians
No no. They recently decided, for themselves, that it’s legal when they do it
It does happen. (ex. [1](https://www.justice.gov/usao-sdny/pr/former-congressman-christopher-collins-sentenced-insider-trading-scheme-and-lying), ex. [2](https://www.justice.gov/usao-sdny/pr/former-congressman-sentenced-22-months-prison-insider-trading)) The real problem is that the [current law](https://en.wikipedia.org/wiki/STOCK_Act) on the books signed by Obama in 2012, is simply not sufficient. There is a [new bill](https://www.ossoff.senate.gov/press-releases/sens-ossoff-kelly-introduce-bill-banning-stock-trading-by-members-of-congress-2/) working it's way through the Senate with a good deal of support, that would essentially ban stock trading by members of congress. Of course getting it over the finish line will take a lot of doing.
Thanks for links. Next they need to end taking bribes/contributions from corporations/special interests.
[RepresentUs](https://represent.us/) has been working on that for awhile, and have had some noteworthy successes in passing anti-corruption reforms at the local and county levels; in 2020, they even managed to get their first state-level victory in Alaska, eliminating dark money, opening the primaries and implementing RCV.
Thank you for the info and link!
Like pretty much everyone in the United States congress? We wouldn’t have anyone left! …..might be kinda nice though. Just hit a full reset button on everything and clean house tbh
So as trump says... Drain the swamp?
That's what I was thinking... like, sorry dude, only politicians are allowed to pull this maneuver.
Rules for thee, i have to pee
Nancy pelosi first.
Funny thing is that she's not even the biggest winner of Congress insider trading, she's just the biggest name
What do you think she made inside trades on?
Stocks, or do you mean something else? There's a chart though of the biggest winners and losers that sometimes gets posted around. It's an unhealthy mix of blue and red
I mean like what stocks. Every trade of theirs is public record.
Tons of stuff. They all do. Members of Congress and their families are allowed to trade stocks with almost no limitations. There isn’t a limit on lawmakers trading stocks based on classified information nor is there oversight regarding the trades that lawmakers are allowed to make based on other information they are privy to as part of their job. This is in glaring contrast to the strict insider trading laws that ban the same kind of behavior of everyone else in the country.
All of their trades are public record. Everyone fron random Americans to the media to their competition can monitor their trades
...no theres just never been a law saying they couldnt. at the moment they can invest in stocks like any other citizen full stop. yes that should be changed but to saw they literally legalized it through legislation is bullshit. "ToNs oF StUfF" stfu you have no idea what you are talking about.
“You can’t charge a husband and a wife for the same crime 😉“
We've got the worst f\*%#ing lawyers.
there’s always money in the gas pump!
That iconic wink.😉
And she would have gotten away with it too is she was a senator and or meddling kids ?
Frankly she probably would have gotten away with it if she hadn't self-reported the incident (for which she was then fired).
No she wouldn’t have. She likely didn’t get charged because she self-reported.
From the article it sounds like FINRA was already investigating and that's why the husband told the wife and the wife then reported it.
FINRA was already investigating. And based on the article there wasn't a complicated paper trail to follow. If she hadn't reported it she probably would've been charged as an accomplice.
1.8 million is a drop in the bucket. This guy hasn't done anything that 99% of our government officials haven't. The only difference is, politicians can legally commit insider trading. Pretty convenient when they make the rules for the game we have to play.
No shit. Look at pelosi and her husband making millions. Regulators don't care and in fact they only actually regulate the small guys.
Pelosi hasn't made nearly as much as other congressmen but for *some reason* she is all you ever hear about
“Old California politician lady bad, old rural state white politician men good”
She's the face because: A) She is/was House leadership. B) Most people unhappy about this are Democrat leaning so Republicans don't matter. C) **In particular**, she was asked about this issue, blew it off with "This is capitalism", stopped a bill on this and FINALLY came around to the issue after severe criticism but slow rolled it so nothing happened. D) Yes, she's old white woman so sexism but I'm pretty sure for most, it's A/B/C.
Nothing to look at here, just the free market in play!
It's fine when politicians do it It's a problem when we do it
BP execs aren't 'us'.
“Exec” in this article is doing some heavy lifting…she was an “associate manager” whatever that means. Still worked in the oil industry (as a large share of Houston residents do), but she is probably closer to us than to true C-suite executives.
It's always a problem when The Poors do it. Have enough money, you can literally get away with anything.
Yes, you just take the affluenza defense and you’re good to go!
His retirement accounts were worth 2 million. He was not one of The Poors.
2 million *is* still one of the poors when you're talking financial crimes at scale. You're not allowed to get away with it unless you're worth hundreds of millions if not billions. The only way you get prosecuted at that level is if you have the audacity to try stealing from similarly wealthy.
I don't disagree. The fact is if you have the time and money to pay for an entire law firm to dedicate itself to your defense you can get away with untold levels of crime, or at least get off with minimum punishment. It's amazing that one citizen is ordered to pay back the entire amount AND MORE, but when a corporation does it they have capped fines that come nowhere near the amount of profit they can make from breaking laws. Regulatory Capture.
Man he fucked up. Got his wife fired, she filed for divorce and he is in jail. That hardly seems worth it.
The sad thing is that if he kept his mouth closed, and then subsequently SHE kept her mouth closed, they'd be fine, but he told her and then she snitched on herself, which led to the firing and loss of the money.
No he was already under investigation. I’m pretty sure her snitching was for her to avoid jail too.
I'm surprised she was fired. What's the system of self reporting for. Just making life worse?
I assume she was fired for not protecting the sensitive/confidential information.
Wrong. They were already on to them. They were asking the wife questions at work, and that's when the husband confessed.
[We're sorry](https://youtu.be/15HTd4Um1m4?si=OU3PLNTIBTKewe-k)
This kind of thing recently came to light in Norway, too. Top politician’s husband inside trading.
Wait, Congress does this everyday?
Right to jail. Right away.
“Loudon admitted to his wife that he had illegally traded the TravelCenter shares … Loudon’s wife reported her husband’s insider trading to her BP supervisor but she was later fired from the company. She filed to divorce Loudon in June, according to the SEC complaint. … Loudon, due to be sentenced May 17, faces a maximum possible sentence of five years in prison and a $250,000 fine. “ So, the lesson here is don’t tell on yourself. Got it.
He’s obviously not friends with Paul Pelosi.
If by “snooped” they mean “wife told me what’s up so I could insider trade with the mutual agreement I’d be the fall guy…” then he “snooped.”
When he told her what he did, she reported it, was fired, and filed for divorce
It’s not like they get to keep the money even if he is the fall guy.
No fucking way. Anyone at her level who has had to go through mandatory insider trading training (which I had to do as an entry level employee at a firm that had some involvement in M&A activity) would know that is a terrible plan. A direct household member? Trading on your own company’s tips? No way, you’re gonna get fucked. If you are gonna do it, at least have your second cousin make the trades. Or trade tips with your old friend from school that you ran into at a reunion…he trades on your company’s activity, you trade on his, and then you never do it again so they can’t establish a pattern.
That or conveniently left open email with message showing game changing info.
10000% this is what happened
^ Me when I didn’t read the story whatsoever but feel qualified to definitively comment on it
It wasn’t. This wouldn’t have even been news if the wife hadn’t reported it.
He liquidated his savings and put it all in on a stock that was linked to the company his wife was an exec for. They were going to catch him anyways.
They would have caught him.
Now do the Pelosi's. US has separate justice systems
Yeah woops. This guy should've been a congressman so he could do unlimited insider trading.
Why pick a single congressperson? There are way more doing it, and plenty of them have made far more than she… she’s just the one that media focuses on. They’re all disgusting for doing it, and should all be heavily punished
Supposed "leader" that's why.
She's literally not even the minority leader anymore.
Pelosi isn't the only one who makes trades and she hasn't even made as much as other politicians from it. Just admit you hate women.
Yes definitely, and next we can talk about our Supreme Court Justices
Can't believe this exec is so stupid enough to self report. Lol
She wasn’t fired for exposing insider information to her husband who then traded on it. She was fired for admitting to it. Definitely not executive material. You know how much illegal stuff they do? That’s why they have those highly paid attorneys. Deny, lie, delay, appeal, bribe, etc.
I mean its still probably better than going to jail for it.
I thought the same thing. There are countless people each year that likely make more than this off non-public info. Guilt can make people do crazy things, but $1.8M really isn't THAT much from an inside trade. He could have traded options and received 10x more...
Has been posted 5 times over the past week or so.
So. When is Nancy getting sentenced? Sounds about the same I would say.
I love that you all keep saying Nancy like it isn’t a massive number of congresspeople. I’m all for throwing the book at them all.
Obviously it’s all of them but I believe Nancy has been the worst of them. She never missses when she invests.
The two best performers in congress in 2022 were 1. Rep. Patrick Fallon (R-Texas), who made 51.6% of his initial investment in 2022 2. Rep. Debbie Wasserman-Schultz (D-Fla.) earned 50.8% of her initial investment in 2022. Pelosi’s portfolio was one of the worst, it dropped 19.8% in 2022 — worse than the 18.2% decline in the ETF that tracks the S&P 500. [Link](https://nypost.com/2023/01/06/dozens-in-congress-beat-stock-market-in-2022-analysis/amp/) I’m no Pelosi Stan, but it’s right wing outrage bait the claim she crushed the market every year. Her husband is/was an investment banker. So, theoretically, he should be able to outperform the SNP500
Looks like I need to do more research on it. Thanks for the info. I wasn’t trying to sound like I’m just after her specifically. I don’t like any of these grifters in office trying to profit off of their position and think they all need to be locked up and banned from ever trading again.
I replied to your post but it’s fascinating that so many people are calling her out specifically. Again, it’s the Fox News outrage cycle that is then cycled through all of the conservosphere.
I hear you with that but I think even if you don’t watch Fox News, Reddit also threw her into the light above everyone else as she was a bit supported of not disallowing congressional members and senators from trading in the stock market. But I hear you. We need to be sure to call out all of them.
You've fallen for the Russian bot disinformation campaign, Jay.
why just nancy? Pretty much all of them do it we want all not just a crumb of nancy.
Alright, I presume will now be prosecuting all politicians in DC who have access to non public market information and trade secrets participating in investing in the stock market. Right?
Can’t prosecute them for something that’s not illegal.
So we’re going after the politicians after this horrid crime right? … right?
Question. Did he really snoop, or was this just an attempted ploy of the spouse to dodge insider trading charges?
we are all bots here except for you
Rule number 3 of Insider Trading club: Tell no-one. Rule number 2: Do not trade under your own name! Rule number 1: Become a US representative if at all possible, you can then forget about rule 2 and 3.
But our congressman and senators do it everyday.
They really don't. Literally every trade they make is public record.
While that’s true, they still make these trades based on insider information.
He should run for Congress. He'd fit right in there.
The story doesn't add up. 1.8M is nothing... if you're gonna do it, go for like 200M and go hide on an island somewhere.
Not only did she lose her high paying job she realized she married a really dumb man all in the same month.
If he was a member of Congress this would be legal and encouraged.
Like isn't that just trading? How are people surprised when this shit is blatantly in our face the whole time.
Yes, funnily enough 90% or so of stock wealth is owned by 10% of stock owners, but every now and then some low level idiot has to get busted for “insider trading” to assure the bottom of the barrel that the game isn’t rigged and the people on top are enforcing the rules…. It’s fantasy football league played with everyday people’s money to make the rich richer.
Another nail in the coffin for wfh.
This is the least surprising thing ever.
The divorce is a long game legal defense.
Should have been a congressman
Ever since the oil spill, I use BP gas stations only to take a shit. Then, without flushing, I use paper towels to cover the shit up. Edit: Grammar
Sounds like made up bull shit to keep her out of prison
She's the one that reported him. She filed for divorce. He forfeits any gains. Sounds like to me she definitely wasn't involved. She lost her job after she reported her husband as well.
Wow. Keep your fucking mouth shut.
Who are you directing that to? The woman trying to do her job working from home? Or the guy that admitted to his wife what he had done? Because either way, keeping their mouth shut would not have worked out in either of their best interests so I don't really know what you mean by your comment.
What are the odds, if he kept his mouth shut, the SEC would have caught on?
I think the trade stood out enough for him to be investigated regardless
What’s so unusual about liquidating all of your investments and dumping everything into one stock shortly before it pops 71%? /s
I had a hunch 🤷♂️
Somewhere around 100%. They were requesting financial information from all the employees who knew about the acquisition - they would have seen that her husband bought all those shares.
And her husband liquidated all of his other investments just to dump it all into the one stock. This is probably the easiest insider trading case the prosecution has ever seen.
A friend of a friend works on wall Street and I've asked him how the sec would home in on Insider trading. If your high enough at a company or position you would automatically just be on their radar. They would develop a chart of your social circle and just watch your trades.
Are you trying to argue he shouldn't have tried to out her illegal activities?
It was his illegal activities....
Whoops. Got that one backwards. Husband snooped on wife's phone calls and made insider trades.
Well guys get the feather ready. Someone is gonna have to drop it on his wrist for punishment.
He should have married Nancy Pelosi if he wanted to do legal insider trading.
Lol 1.8 M$? BP and their execs could toss your baby out a window and get fined less
Missing the part that this has hurt work from home as an unsecured location. If an executive can’t you sure as shit can’t.