Ex-NYMEX Director Pleads Guilty To Illegal Trading

Law360, New York (April 8, 2008, 12:00 AM EDT) -- A former board member of the New York Mercantile Exchange has pled guilty to illegal trading in the natural gas market, and six others have been charged.

The Manhattan district attorney’s office and the Commodity Futures Trading Commission said Tuesday that Steven J. Karvellas pled guilty to one count of commodities fraud and one count of tampering with physical evidence in exchange for five months in jail. He will pay $850,000 in fines and penalties and will be put on probation for five years.

Authorities said...
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