Tyler Loudon

U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 26013 / May 31, 2024

Securities and Exchange Commission v. Tyler Loudon, No. 4:24-cv-622 (S.D. Tex. filed Feb. 22, 2024)

SEC Obtains Final Judgment Against Houston Resident Charged with Insider Trading Based on Information Misappropriated from His Wife

On May 28, 2024, the U.S. District Court for the Southern District of Texas entered a final judgment against Tyler Loudon of Houston, Texas.

As alleged in the SEC’s complaint filed on February 22, 2024, Loudon misappropriated material, nonpublic information regarding the proposed acquisition of TravelCenters of America Inc. by BP p.l.c. from his then wife, who was a BP employee working on the deal. Between December 22, 2022 and February 6, 2023, Loudon purchased approximately 46,000 shares of Travel Centers stock. After the acquisition was announced on February 16, 2023, Loudon realized an illicit profit of $1,760,000.

On March 7, 2024, the court entered a partial judgment against Loudon permanently enjoining him from violating the antifraud provisions of the federal securities laws and imposing an officer and director bar. The partial judgment deferred the determination of the amounts of disgorgement, prejudgment interest, and civil penalties to a future date. Thereafter, without denying the SEC’s allegations, Loudon consented to entry of the final judgment that ordered him to pay disgorgement of $1,760,000 plus prejudgment interest of $85,600.06, for a total of $1,845,600.06 and deemed Loudon’s obligation to pay the disgorgement and prejudgment interest satisfied by the order of forfeitureof $1,763,522 ordered in United States v. Tyler Loudon, No. 4:24-cr-57 (S.D. Tex.). The final judgment, which the Court entered on May 28, 2024, did not include a civil penalty in light of the term of imprisonment ordered against Loudon in the parallel criminal case.

The SEC’s investigation was conducted by Julia Huseman and Jamie Haussecker of the SEC’s Fort Worth Regional Office, under the supervision of Jim Etri and B. David Fraser. The litigation was led by Jason Rose and supervised by Keefe Bernstein. The SEC appreciates the assistance of the Financial Industry Regulatory Authority, the Federal Bureau of Investigation, and the U.S. Attorney’s Office for the Southern District of Texas.