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Ex-Delta executive ordered to pay USD5 million for illegal trading
Tuesday, 30 Sep, 2016
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A former Delta Air Lines executive was ordered to pay more than $5 million for illegal trading.
Jon Ruggles was in charge of the airline’s fuel hedging strategy and was found to have conducted ‘fraudulent, fictitious, and non-competitive trades’ in oil futures on the New York Mercantile Exchange (NYMEX).
The US Commodity Futures Trading Commission ordered Ruggles to repay $3.5 million of ‘ill-gotten gains’ and pay a penalty of $1.75 million.
He was also permanently banned from trading.
The agency said he used Delta’s trading statistics for personal gain as the airline’s vice president of fuel management between 2011 and 2012.
Ruggles ‘misappropriated the employer’s confidential, material and nonpublic trading information for his own personal benefit,’ the CFTC said in a statement.
That was tantamount to fraud that ‘undermines the integrity of the derivatives markets,’ said CFTC director of enforcement Aitan Goelman.
Ruggles had already been banned for life and fined by NYMEX earlier this year.
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