SEC Charges Former BP Senior Manager with Insider Trading

The Securities and Exchange Commission today charged Chicago-area resident Kevin Crotty with insider trading ahead of a February 16, 2023 announcement that BP p.l.c. agreed to acquire TravelCenters of America Inc.  This is the second insider trading case the SEC has brought in connection with trading ahead of the announcement of BP’s acquisition of TravelCenters.

According to the SEC’s complaint, Crotty misappropriated material, nonpublic information from a BP colleague who was working on the acquisition.  The SEC alleges that after learning that it was highly likely that the deal would close, Crotty purchased 848.824 shares of TravelCenters stock on February 15, 2023.  The following day, TravelCenters announced the acquisition, which triggered a 70.8% increase in TravelCenters share price and generated for Crotty an unrealized gain of $30,667.

Source: SEC Charges Former BP Senior Manager with Insider Trading