Engineer accused of insider trading tied to Microsoft's reboot of Three Mile Island nuclear plant
SEC claims former Constellation employee made $1.4M trading options before the restart deal was announced
A former Constellation Energy engineer has been accused of making $1.4 million from insider trading ahead of the company's announcement that it would restart a reactor at Three Mile Island to supply power to Microsoft.
The Securities and Exchange Commission (SEC) and federal prosecutors allege in their lawsuits that Casey Muggleston purchased share options based on knowledge officially deemed material non-public information (MNPI).
In September 2024, Microsoft and Constellation Energy – which owns the Three Mile Island facility – signed a 20-year power purchase agreement to bring TMI Unit 1 back online after it was retired in 2019. Earlier this month, the Nuclear Regulatory Commssion made a preliminary finding [PDF] that the proposed restart would not significantly affect the environment. The assessment remains subject to public comment and a final determination.
Should the plant reopen,...
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