Regulators: Firms manipulated oil prices in 2008
The Associated Press, Washington | Wed, 05/25/2011 8:07 AM
U.S. commodity regulators are suing three
companies and two individuals claiming they manipulated crude oil
futures prices on the New York Mercantile Exchange over four months
in 2008.
The Commodity Futures Trading Commission filed the civil
complaint Tuesday in New York against Parnon Energy Inc., Arcadia
Petroleum Ltd. and Arcadia Energy (Suisse) SA, and two men accused
of directing the trading scheme: James T. Dyer of Australia and
Nicholas J. Wildgoose of California.
Regulators claim the defendants traded futures and other
contracts based on a benchmark for crude oil prices.
Then they allegedly took steps to artificially drive the price
up, then back down, reaping more than $50 million in unlawful
profits.
The complaint seeks financial restitution, among other
penalties.
