Loudon’s lawyer, Peter Zeidenberg, asked Lake to sentence him to one year of home confinement followed by two years of supervised release, citing, among other reasons, the need to care for Loudon’s ailing mother.
The prison sentence was at the bottom end of the 24-months-to-30-month range requested by federal prosecutors.
Loudon, as part of his guilty plea to a charge of securities fraud in February, already had agreed to forfeit the illicit profit he made in February 2023 from selling off the nearly 46,500 shares of TravelCenters of America after that company’s stock price soared more than 70% on news it was being acquired by BP for about $1.3 billion.
The 42-year-old Houston resident, who was an engineer for an oil and gas company, bought TravelCenters shares for about $2 million over several months beginning in December 2022.
His purchases started after he secretly listened to his wife’s work calls about BP buying TravelCenters, and then later discussing the deal with her in “normal’ married-couple kinds of conversations, according to court records.
Loudon’s eavesdropping occurred when he and his wife were working remotely “in close quarters” to one another due to the Covid-19 pandemic at the time, records show.
“Racked with guilt and fear,” Loudon “confessed to his wife” what he had done in March 2023 after learning that the Financial Industry Regulatory Authority had asked BP for a list of people “in the know” about the TravelCenters deal before it was finalized, according to court filings.
Loudon’s wife, who was not accused of wrongdoing, reported his actions to her BP supervisor, but she ended up getting fired later, court records show. She also divorced Loudon.
A sentencing memo filed last week by Loudon’s attorney says that at the time he bought the TravelCenters, Loudon was a a “frequent day-trader of stocks” whose “marriage was under a great deal of stress as a result of multiple relocations and job changes” for both him and his wife.
“Mr. Loudon began to fear that his marriage was in jeopardy, an event that was particularly freighted in his mind due to the divorce he experienced as a child,” the memo said.
“In a wholly misguided belief that money could somehow help address the marital stresses the couple was experiencing, Mr. Loudon made the fateful decision to betray his wife’s trust, as well as his own better judgment,” the memo said.
“Tyler deeply regrets his conduct, has taken responsibility for it, and looks forward to putting this behind him and moving on with his life,” Zeidenberg told CNBC on Wednesday.
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Zeidenberg, in his sentencing memo, noted Loudon had lost his job and his marriage as a result of his actions, and because “of this conviction, [he] has little realistic hope for future employment in his field of engineering, and his future job prospects are extremely bleak.
“Regardless of the sentence the Court imposes, Mr. Loudon will be paying the price for his colossally bad judgment for the rest of his life,” Zeidenberg wrote.
“Insider trading is rampant, extremely difficult to uncover and adversely affects the integrity of the financial markets and the public perception of the markets,” said Houston U.S. Attorney Alamdar Hamdani, in a statement.
“These types of offenses erode the public’s confidence in the integrity of the markets and lead to widespread cynicism that the markets are rigged in favor of a fortunate few,” Hamdani said. “Mr. Loudon was only able to commit this crime because he had an unfair advantage: his spouse was an insider who gave him material nonpublic information.”
In his sentencing memo, Loudon’s lawyer argued insider trading cases involving spouses in which no one else other than a spouse is tipped off to non-public information are often not charged criminally.
“Indeed, civil, non-criminal dispositions are the typical fashion in which these types of cases are handled,” the memo said, pointing to nine Securities and Exchange Commission lawsuits.
“Most, if not all, insider-trading cases involving spouses that have resulted in criminal prosecutions typically have involved aggravating facts not present here,” Zeidenberg wrote.
Loudon faces a separate civil lawsuit by the SEC related to his insider trading. That civil case, like his criminal case, is being overseen by Judge Lake.
Lake, on May 3, ordered the SEC lawyers and Zeidenberg to either agree to a final judgment in that case or submit a schedule for briefing on the agency’s request for monetary relief within 30 days.
Kia’s upcoming entry-level EV has finally made its way to the famous Nurburgring for testing. The EV4 hatch was spotted ripping across the track, nearly on two wheels at one point, as Kia preps for its big debut.
According to Kia, the EV4 is “an entirely new type of EV sedan. ” It was first unveiled last October during Kia’s first annual EV Day, alongside the EV3 and EV5 as part of its new low-cost lineup.
The EV5 launched in China last year, while the EV3 is already rolling out in Korea and Europe. Next up, we will finally see the production version of the EV4.
Although its four-door format suggests it’s a sedan, Kia said the EV4’s bold design is a symbol of the company’s innovation. Its low nose, long-tail silhouette, and added roof spoiler give it an almost racecar-like feel.
With its official debut approaching, Kia’s EV4 has been spotted out in the wild several times. Last week, it was caught testing in the US for the first time.
A hatchback model has also been spotted. It was first caught on European roads this summer and in the US earlier this month.
Kia EV4 hatch takes on the Nurburgring as debut looms
After the EV4 was spotted racing across the Nurburgring for the first time, we are getting our best look yet at the upcoming Kia model.
The video from CarSpyMedia shows the EV4 hatch carving up sections of the track. Several times, you can see the EV4 is being pushed to the limits, nearly going up on two wheels.
However, with a low center of gravity and likely added stabilization tech, the EV4 appears to handle it with ease. You can also see the difference between the sedan model and the hatchback, with the bulky backside.
As it takes on the track, it almost looks like the 576 hp EV6 GT, Kia’s fastest and most powerful car. At least for now.
Kia is expected to officially reveal the EV4 by the end of the year, with deliveries starting in 2025. Prices are expected to be in the $30,000 to $40,000 range. The hatchback model is likely aimed at Europe, but it could also find a market in the US as buyers drift toward more efficient options.
Ahead of the LA Auto Show later this week, Kia is teasing five new vehicles for the US, at least one being an EV. Will it be the EV4? EV3?
Source: CarSpyMedia
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Elon Musk is hinting at Tesla making bigger electric cars, but you shouldn’t hold your breath as it’s not the first time he said that.
In the last few hours, Musk responded to two fans on X, asking Tesla to build bigger vehicles to support larger families.
Musk often promotes the idea of having bigger families as he is afraid of declining populations due to low birth rates in some countries.
With the first one, the CEO responded with a simple “OK,” and with the other, he elaborated a bit more by referencing the recently unveiled Tesla Robovan and “some other things”:
Musk appears to be hinting at Tesla’s work on a bigger electric vehicle that has yet to be unveiled.
While interesting, it’s hard to give too much weight to the comment, considering Musk claimed that Tesla has been working on a higher passenger capacity vehicle for years.
A “high passenger-density urban transport” vehicle has been in Tesla’s official product roadmap since 2016 and has yet to be unveiled, unless you count the Robovan unveiled last month, but that’s completely attached to Tesla’s self-driving effort as the vehicle has no steering wheel or pedals.
As part of Tesla’s shift toward autonomous driving, the automaker has pulled back plans for several new electric vehicle programs in favor of those without any driver inputs, like Cybercab and Robotvan.
Tesla is expected to soon unveil two new vehicles to be launch next year, but those are based on the Model 3 and Model Y and therefore, they aren’t likely to be bigger vehicles.
Electrek’s Take
Like most things Elon says lately, it goes in my “I’ll believe it when I see it” folder.
That said, I think an electric van that can be configured for cargo, camper, or passenger, would make a ton of sense in Tesla’s vehicle lineup.
Of course, it’s harder to get the greenlight for a vehicle program like that if your CEO is perpetually convinced that the company is on the verge of achieving self-driving and making steering wheels obsolete.
I’m more of the opinion that Tesla should have played it more careful and continue working on growing its human-driveable EV lineup while working on self-driving.
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Penske Truck Leasing is rolling out rooftop solar on its US truck leasing, rental, and maintenance buildings, starting in Illinois.
Penske Truck Leasing, which offers an electric truck fleet leasing program, wants to cut emissions and save energy, so it’s activated its first rooftop solar system at its new facility in Channahon, Illinois (pictured). The 200 kW system is expected to generate about 80% of the building’s energy needs, and the rest will be supplied by the local utility.
The next Penske Truck Leasing rooftop solar system to come online will be in Grand Rapids, Michigan, “in the coming months,” followed by another in Linden, New Jersey, in 2025. All three of these new buildings are part of Penske’s LEED building program, which is designed to reduce energy use and promote sustainability.
Seven of Penske’s existing facilities in California will also get solar retrofits. These locations, which include Fresno, Hayward, La Mirada, National City, Riverside, San Diego, and San Leandro, are expected to generate about 600 kW of renewable energy in total.
Penske has teamed up with Sunrock Distributed Generation under a power purchase agreement to make the California upgrades happen. The company is also working with ForeFront Power, based in San Francisco, as its lead consultant for the solar rollout.
On average, these solar-powered Penske facilities will generate around 1 million kWh of renewable energy each year, preventing about 442 metric tons of CO2 emissions annually. That’s equivalent to the amount of energy needed to power nearly 90 homes for a year.
Drew Cullen, senior vice president of fuels and facility services at Penske, highlighted the significance of this move, noting:
Our solar program is an important piece of our renewable energy strategy, and ForeFront Power continues to be an outstanding partner in helping us bring these projects to fruition.
These investments will allow us to directly generate our own renewable energy to power our locations and continue to support our customers with sustainable solutions.
Penske Truck Leasing, part of Penske Transportation Solutions, is headquartered in Reading, Pennsylvania, and operates over 437,000 vehicles across North America, with nearly 1,000 maintenance facilities and more than 2,500 rental locations. Its investment in solar power is a key part of its broader sustainability strategy to cut emissions and reduce reliance on traditional energy sources.
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