Former Delta Air Lines Inc. employee Jon Ruggles was penalized $3.1 million and barred from ever trading again at exchanges run by CME Group Inc., which accused him of breaking rules by personally profiting off the airline's orders.
Ruggles, who used to be Delta's vice president 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 a statement from CME. The exchange fined him $300,000 and demanded he turn over $2.8 million 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 by intentionally trading his employer's account opposite two personal accounts owned by his wife, Ivonne Ruggles," according to the disciplinary notice sent Monday by CME's Nymex division.
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