Former Delta Air Lines trader penalised US$3.1m by Nymex
Former Delta Air Lines employee Jon Ruggles was penalised US$3.1m and barred from ever trading again at exchanges run by CME Group, which accused him of breaking rules by personally profiting off the airline’s orders. Ruggles, who used to be Delta’s VP of fuel management, leveraged advance knowledge of the airline’s trades to make money for himself in 2012, a violation of rules at the exchange and his employer, according to CME. The exchange fined him $300,000 and demanded he turn over $2.8m in trading profits. His wife, Ivonne Ruggles, was also banned from CME exchanges. Jon Ruggles used her account to place the problematic trades, CME said. “Ruggles repeatedly abused his trading discretion given to him by his employer for personal gain," said CME’s Nymex division. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2016-06-14/sky/former-delta-air-lines-trader-penalised-us-3-1m-by-nymex
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Former Delta Air Lines trader penalised US$3.1m by Nymex
Former Delta Air Lines employee Jon Ruggles was penalised US$3.1m and barred from ever trading again at exchanges run by CME Group, which accused him of breaking rules by personally profiting off the airline’s orders. Ruggles, who used to be Delta’s VP of fuel management, leveraged advance knowledge of the airline’s trades to make money for himself in 2012, a violation of rules at the exchange and his employer, according to CME. The exchange fined him $300,000 and demanded he turn over $2.8m in trading profits. His wife, Ivonne Ruggles, was also banned from CME exchanges. Jon Ruggles used her account to place the problematic trades, CME said. “Ruggles repeatedly abused his trading discretion given to him by his employer for personal gain," said CME’s Nymex division. <br/>
