The U.S. Commodity Futures Trading Commission filed and settled charges Thursday against Jon Ruggles for engaging in illegal futures and options trading.
The CFTC Order requires Ruggles to disgorge more than $3.5 million in trading profits and pay a $1.75 million penalty for engaging in fraudulent, fictitious, and non-competitive trades. Ruggles was found responsible for misappropriating his former employer's confidential, non-public trading information to benefit his personal trading.
The former Delta Airlines employee traded in crude oil and heating oil futures and options and RBOB gasoline futures on the New York Mercantile Exchange (NYMEX), a division of CMEGroup, from March 2012 to December 2012.
Ruggles did not provide further comment on the matter to CNBC.
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