SEC Charges Former BP Employee With Insider Trading on TravelCenters Deal

By Ben Glickman

The U.S. Securities and Exchange Commission on Friday charged a former BP employee with insider trading related to the company's acquisition of TravelCenters of America, the second charge related to the deal.

The SEC alleged that Kevin Crotty, a Chicago-area resident who was formerly a senior manager at the oil company, bought shares of TravelCenters after learning of BP's $1.3 billion buyout from a colleague.

Regulators claim that Crotty purchased about 849 shares of TravelCenters stock Feb. 15, 2023, the day before the deal. Once the deal was announced, the SEC alleged Crotty generated an unrealized gain of $30,667.

The SEC said Crotty, without denying the allegations, agreed to pay both disgorgement and a civil penalty equal to the unrealized gain, plus prejudgement interest. He also is barred from serving as an officer or director of a public company.

The SEC in February charged another man for insider trading related to the same deal, after he overheard his wife, a former BP executive, discussing the acquisition of TravelCenters.

Shares of TravelCenters rose over 70% after the deal was announced.

Crotty's settlement is still subject to court approval.

Write to Ben Glickman at ben.glickman@wsj.com