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Man Pleads Guilty to Insider Trading After Overhearing Wife's Work Calls

·1 min

A man from Texas pleaded guilty to insider trading for allegedly making $1.7 million in illegal profits. He purchased and sold stocks based on overheard conversations between his wife and her colleagues while she was working remotely from home. The man bought a significant number of shares in TravelCenters of America after hearing about its proposed acquisition by his wife’s employer, BP. When the acquisition was announced, he sold all of his stock. The man’s lawyer acknowledged his client’s mistake and said he is taking full responsibility.