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The ex-husband of a former BP mergers and acquisitions manager was sentenced to two years in federal prison for insider trading that netted him $1.76 million after he eavesdropped on her work calls about the oil giant buying another company.

The ex, Tyler Loudon, also was sentenced to one year of supervised release after his prison term and fined $10,000 by U.S. District Court Judge Sim Lake in Houston on Monday.

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.

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Tesla Cybertruck deliveries halted amid problem with giant windshield wiper

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Tesla Cybertruck deliveries halted amid problem with giant windshield wiper

Tesla has reportedly halted Cybertruck deliveries amid a problem with the motor of its giant windshield wiper.

The Cybertruck is equipped with the biggest wiper put on a consumer vehicle.

It’s the result of Tesla’s design, which aimed to have a straight line from the front-end all the way to the apex of the roof – resulting in nowhere to hide wipers between the hood and the windshield.

Instead, Tesla opted to have a single giant exposed wiper with a vertical resting position for aerodynamic reasons.

In my review of the Cybertruck, I noted that we had some problems with it, like starting on its own for no reason and staying down as a resting position rather than up. However, I chalked this up as being due to Tesla’s notoriously bad auto windshield wiper system, which is common on all Tesla vehicles – not just the Cybertruck.

Now, many Cybertruck buyers are reporting that Tesla has delayed their deliveries, indicating a roughly week-long halt on deliveries, and some were told by Tesla that it had to do with the windshield wiper motor (via Cybertruck Owners Club).

Some buyers were told that Tesla would have to replace the windshield wiper motor on all Cybertruck, but this has yet to be confirmed.

No recall notice has been released yet.

Electrek’s Take

As I previously reported, we had some issues with ours last month when reviewing the Cybertruck.

I chalked it up to the terrible Tesla auto wiper, but now that I think about it, it’s possible that it wasn’t that.

Tesla’s auto wipers are known to start when they shouldn’t and don’t start when they should. The Cybertruck’s wipers were doing that, but they were also starting and stopping at the bottom rather than at the top position and just staying there.

I’m not sure if it has to do with this or if it’s completely unrelated. I expect that we will learn more in the next few days.

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E-quipment highlight: Bobcat pitches electric telehandler concept

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E-quipment highlight: Bobcat pitches electric telehandler concept

Bobcat unveiled the all-new TL25.60e electric telehandler concept at Intermat last month, with a 2.5 ton rated capacity, three electric motors, and the promise of unmatched energy efficiency and performance that’s objectively superior to diesel.

The Bobcat TL26.60e gets its energy efficient edge from its “actively cooled” li-ion batteries, which are designed to deliver consistent performance in any weather and help fleet operators maintain low running costs while maximizing efficiency and, as a consequence, savings.

Those batteries send power to three separate electric motors, one each to power drive, the rotating superstructure/cab, and the boom/attachments. Bobcat says the arrangement helps its electric telehandler concept consume energy only when it’s needed, and claims that the setup provides immediate responsiveness for all the machine’s movements. That kind of quiet, vibration-free precision control should make the TL26.60e’s operator cab a great place to work from.

Speaking of the cab, it’s the same one found in Bobcat’s larger TLS models, despite the TL26.60e’s smaller footprint. The compact nature of the the machine’s electric components means there’s room for stuff like that – and, as a consequence, more room for operators.

“At Bobcat, we are committed to innovative design that prioritizes both cutting-edge technology and operator wellbeing,” says Vijay Nerva, Innovation Lead, Bobcat EMEA. “Our integration of ergonomics and digitization, exemplified by the transparent T-OLED screen, allows us to introduce customizable, interactive features without compromising the comfort and spacious design of our cabs.”

The TL26.60e features a top speed of 25 km/h, a 6 meter lifting height, and a 2.5 ton lifting capacity. The liquid-cooled battery has a 30 kWh capacity, which should be good for a full shift at most low-speed job sites.

Electrek’s Take

Bobcat’s electric telehandler concept is still just that, but as more and more construction companies come up agains no-drip job sites, low emissions zones, tightening noise regulations, and the ESG goals of both corporate and government clients, it seems like only a matter of time before machines like this become more the rule than the exception.

SOURCES | IMAGES: Bobcat, via Heavy Equipment Guide, Canada.

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Chevy cuts Equinox EV lease prices by nearly $140 per month

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Chevy cuts Equinox EV lease prices by nearly 0 per month

If you were looking to lease Chevy’s new all-electric Equinox, it just got a lot cheaper. Chevy cut Equinox EV lease prices by nearly $140 per month. With new offers, the Chevy Equinox EV can be leased for as little as $379 per month.

After kicking off Equinox EV deliveries last month, Chevy is already introducing significant savings opportunities.

On Chevy’s website, 2024 Equinox EV lease prices start at just $379 per month. The deal is for 36 months, with $3,198 due at signing. It includes 10,000 miles a year and is based on an MSRP of $43,295. GM included $500 off for qualified lessees.

With an effective rate of $468, the 2024 Chevy Equinox EV is nearly $100 cheaper per month to lease than the Tesla Model Y.

According to online research firm CarsDirect, Tesla Model Y lease rates went up $50 this month. The Long Range model now starts at $449 with $4,143 due at signing, or $564 per month.

Meanwhile, the RS trim is significantly discounted. The Chevy Equinox RS can be leased for $429 for 36 months. With $3,109 due at signing, that amounts to $515 per month.

Chevy-Equinox-EV-lease-prices
2024 Chevy Equinox EV 3RS (Source: GM)

Chevy Equinox EV lease prices drop to just $379/mo

Previously, the RS trim had an effective cost of $651 per month ($569 for 39 months and $3,209 due at signing), meaning it’s $136 cheaper per month to lease.

Based on CarsDirect data, GM raised the 36-month residual values on the RS model to 75% from 68%, while the lease rate dropped from 7.3% to 5.5%.

Chevy Equinox EV trim

Starting Price
1LT FWD $34,995
2LT FWD $43,295
2RS FWD $44,795
3LT FWD $45,295
3RS FWD $46,795
Chevy Equinox EV prices (including $1,395 destination fee)

Chevy’s current 2LT FWD is the cheapest model hitting dealerships, starting at $43,295. The lower-priced $34,995 will be available to order later this year. All trims are eligible for the $7,500 federal tax credit.

Although this is a significant deal, Chevy Blazer EV lease prices are even more appealing. The 2024 Chevy Blazer EV is listed at $369 per month for 24 months. With $1,679 due upfront, the effective lease rate is $439 per month, only $10 more than the gas-powered model.

Chevy-Equinox-EV-lease-prices
Chevy Equinox EV 1LT interior (Source: GM)

Chevy isn’t the only one cutting EV lease prices. Honda slashed lease prices on its first electric SUV, the Prologue. The 2024 Honda Prologue now starts at $399 per month for 36 months (with $3,999 due at signing).

If you’re in the market for a new EV, you can take advantage of significant savings opportunities. Use our links below to find deals on popular models at a dealer near you.

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