The U.S. Securities and Exchange Commission (SEC) charged Chicago-area resident Kevin Crotty with insider trading ahead of the announcement of BP's agreement to acquire TravelCenters of America Inc. on February 16, 2023. This marks the SEC's second case of insider 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 involved in the acquisition process.

Upon learning that the transaction was likely to be completed, Crotty purchased 848.824 shares of TravelCenters stock on February 15, 2023. The next day, TravelCenters announced the acquisition, causing its stock price to surge by 70.8%, resulting in unrealized gains of $30,667 for Crotty.

The SEC's complaint was filed in the U.S. District Court for the Northern District of Illinois on April 26, 2024, alleging that Crotty violated the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and related rules.

Crotty has agreed to settle the SEC's charges, subject to court approval. Crotty neither admitted nor denied the allegations in the SEC's complaint but consented to a permanent injunction barring him from future violations of Section 10(b) of the Securities Exchange Act of 1934 and related rules, imposition of officer and director bars, and ordered to pay disgorgement of $30,667, prejudgment interest of $1,274.50, and a civil penalty of $30,667.