The U.S. futures regulator on Tuesday sued two veteran oil traders and their employers, the Arcadia and Parnon Energy firms, charging they booked US$50-million in profits by manipulating oil prices in 2008. The Commodity Futures Trading Commission accused traders at Parnon Energy Inc and Arcadia Energy Suisse SA of carrying out a cross-market trading scheme between January and April of 2008 involving accumulation and sell-off of a substantial position in physical crude oil to manipulate futures prices. Parnon and Arcadia are owned by Norwegian shipping magnate John Fredriksen. The CFTC said James Dyer and Nick Wildgoose -former BP senior traders -directed the manipulative trading scheme. The complaint is among the agency's biggest charges of wrongdoing in energy markets.
From Page FP3 of the Wednesday, May 25, 2011 Financial Post
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment