Crores of rupees can be earned just by listening to the phone. This seems like an impossible thing. But, it is absolutely true. In fact, a man living in the US state of Texas has earned 20 lakh dollars (roughly Rs. 16.57 crore) just by secretly listening to his wife’s phone. This incident of misuse of corporate communication has been caught by America’s Securities and Exchange Commission (SEC).
Shares bought after getting information about a big deal
The SEC said that the wife of the accused was working in British Petroleum, a leading British oil company. While working from home, she was on the phone discussing a potential deal with her partner. Her husband, Tyler Lowden, was overhearing the conversation. He knew that British Petroleum was soon going to buy Travel Centers of America Inc. So he has started buying shares of the company. A few days later, British Petroleum announced it was buying the travel center at a 74 percent premium. From this he made a profit of about 17.6 lakh dollars.
Wife explained, divorced
However, this wealth brought him ruin. When the wife got suspicious, the husband got angry. After knowing this, the wife left the house and got a divorce. The wife also gave this information to BP. The company fired him. According to the SEC, the company has no evidence that she knowingly gave this information to her husband.
Loudon later returned all the money as per the agreement and also paid the fine. According to information provided by the SEC, Loudon also sat close to his wife during the trip to Rome. He tried to gather as much information as possible about this deal.
Video – ADigitalBolgger
British Petroleum’s largest network in America
BP bought Travel Centers for $1.3 billion. With this deal, it has acquired several gas station networks in America. Travel Centers has gas stations at 281 locations in 44 states. The SEC had brought many similar cases to light earlier. This problem of insider trading has increased after Kovid-19.
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