03:55 PM EDT, 05/22/2024 (MT Newswires) -- Ex-husband of former BP (BP) executive, Tyler Loudon, was sentenced to two years in federal prison for insider trading, according to the US Attorney's Office for Sothern District of Texas.

The federal prosecutor's office did not reveal the name of the company, but CNBC identified Loudon's spouse as BP's mergers and acquisitions manager.

Loudon, who pled guilty on Feb. 22, will also face one year of supervised release after his imprisonment and a $10,000 fine by US District Judge Sim Lake, according to court documents.

Loudon's sentencing follows his illegal gain of $1.7 million from trading stocks in less than two months using insider information by eavesdropping on his wife's confidential business calls.

Loudon's wife was unaware he used confidential information to purchase 46,450 shares before BP's acquisition of TravelCenters of America (TA), which he then sold for a substantial profit, CNBC said.

Loudon forfeited the $1.7 million to the US and will soon surrender to a Bureau of Prisons facility to serve the sentence.

BP didn't immediately respond to MT Newswires' request for comment.