Jon Ruggles

Jon P. Ruggles
Born{1973 28 November} (50 years old)
Youngstown, Ohio, United States
EducationUniversity of Michigan and the University of Texas
OccupationBusiness executive
EmployerMcKinsey & Company

Merrill Lynch

Delta Air Lines
Known forTrading for Delta Air Lines fuel supply
SpouseIvonne Ruggles (2003-present)

Jon Paul Ruggles (born November 28, 1973) is an American executive known for founding Monroe Energy and creating an internal trading house that enabled Delta Air Lines to control its fuel supply.[1] According to CNBC, Delta hired Ruggles as vice-president of fuel in 2011 to help right a fuel-hedge book that had been losing the airline money. He managed to generate notable trading returns.[2]

Ruggles' career has been marked for being the "mastermind" behind Monroe.[3] However, his success has been shadowed by an accusation of insider trading brought by the Commodity Futures Trading Commission (CFTC).[4] The case signaled a turning point for the regulatory agency, as it sought to expand its regulatory reach under Rule 180.1 and develop new case law against industry-standard practices in commodities trading by using Ruggles to define insider trading regulation for the commodities industry under Misappropriation Theory.[5][6][7]

Since his departure from Delta, Ruggles has become an investor and executive in the oil industry, working for investment firms The Carlyle Group and Silverpeak. Ruggles has been described as a "galvanizing" figure.[8][9] Ruggles' career and personality have been the subject of numerous articles and books and national media coverage. Kate Kelly, a bestselling author and New York Times journalist, featured him as one of the two leading characters in her book, The Secret Club That Runs the World (2014), alongside fund manager Pierre Andurand.

  1. ^ Kelly, Kate (2014). The Secret Club That Runs the World: Inside the Fraternity of Commodity Traders (Paperback ed.). New York, NY USA: Penguin Random House. p. 13. ISBN 978-1-59184-546-1.
  2. ^ Heller, Matthew (June 14, 2016). "Ex-Delta Trader Fined for Commodities Manipulation". CFO Magazine.
  3. ^ Kelly, Kate (2014). The Secret Club That Runs the World: Inside the Fraternity of Commodity Traders (Paperback ed.). New York, NY USA: Penguin Random House. p. 217. ISBN 978-1-59184-546-1.
  4. ^ "Ex-Airline Employee Sued by CFTC for Insider Trading of Futures Based on Misappropriated Information". Lexology.
  5. ^ "Misappropriation theory of insider trading". Cornell Law School. January 1, 2022.
  6. ^ "17 CFR Part 180 -- Prohibition Against Manipulation".
  7. ^ "CFTC Insider Trading Enforcement Efforts Increase: Implications for Private Fund Managers". Shulte Roth + Zabel. 2018.
  8. ^ "When Delta went gambling on jet fuel". Fortune Magazine. June 3, 2014.
  9. ^ Kelly, Kate (2014). The Secret Club That Runs the World: Inside the Fraternity of Commodity Traders. New York: Penguin Random House. pp. 120, 206. ISBN 978-1-59184-546-1.