Nuclear Engineer Codenamed His $1.4M Insider Trading Scheme 'Project Tetris'!

SEC v. Casey Muggleston — U.S. Securities and Exchange Commission Litigation Release No. 26573, dated June 24, 2026.

The SEC charged Casey Muggleston, a former nuclear engineer at Constellation Energy, with insider trading. Muggleston allegedly used confidential information about a project to restart the Three Mile Island nuclear plant to trade Constellation securities before a public announcement, profiting approximately $1.4 million. The SEC seeks injunction, disgorgement, and penalties.

In Plain English

Imagine you work for a company and learn a big secret, like a plan to fix a broken factory. Before the company tells everyone, you use that secret information to buy a lot of your company's stock, hoping the price will go up when the secret is revealed. This is like insider trading. The SEC says Casey Muggleston did just that, making about $1.4 million by trading on secret information about restarting a nuclear power plant.

Disclaimer: all facts are drawn from the SEC's own filings; the claims described are allegations unless and until a court rules or the parties settle, and some cases end in dismissal.

How the Alleged Scheme Worked

1. Access to Confidential Information In 2024, Casey Muggleston worked as an engineering manager at Constellation Energy Corporation. In this role, he had access to confidential information about 'Project Tetris,' a project focused on potentially restarting the Three Mile Island nuclear power plant.
2. Breach of Duty Muggleston owed Constellation a duty not to use or disclose material nonpublic information obtained through his employment without a business purpose. He allegedly breached this duty by using the confidential information about Project Tetris.
3. Trading Before Announcement Constellation was planning to announce a 20-year power purchase agreement with Microsoft Corporation, which would enable the restart of the Three Mile Island Unit 1 reactor. Muggleston allegedly used his knowledge of this impending announcement.
4. Illegal Trading Activity In advance of Constellation's September 20, 2024, announcement, Muggleston allegedly traded in the company's securities based on the material nonpublic information he possessed about Project Tetris.
5. Generating Unlawful Profits As a result of his trades made using this insider information, Muggleston allegedly generated unlawful profits totaling approximately $1,400,000.
6. Violation of Securities Laws By engaging in this conduct, Muggleston violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, which prohibit fraud and manipulation in connection with the purchase or sale of securities.

The Enforcement Action

The SEC filed charges against Casey Muggleston, a former nuclear engineer at Constellation Energy, for insider trading. Muggleston allegedly used confidential information about a project to restart the Three Mile Island nuclear plant to trade Constellation securities before a public announcement, generating approximately $1.4 million in profits. The SEC's complaint, filed in the U.S. District Court for the District of Delaware, seeks an injunction, disgorgement with prejudgment interest, and a civil penalty. A parallel criminal action was also announced by the U.S. Attorney's Office for the District of Delaware, indicting Muggleston for securities fraud. The case originated from the SEC Market Abuse Unit's Analysis and Detection Center.

Named in this action: Casey Muggleston.

Original SEC litigation release ↗ · Browse all cases