A Wide-Ranging Investigation In The Oil Industry

Law360, New York (June 24, 2008, 12:00 AM EDT) -- In what it called an “extraordinary step,” the Commodity Futures Trading Commission (“CFTC”) recently disclosed a wide-ranging investigation into potential fraud, manipulation and abusive trading practices in the oil markets.

The agency's far-reaching investigation, pending since December 2007, reaches all “practices surrounding the purchase, transportation, storage, and trading of crude oil and related derivative contracts.”

The agency also announced the formation of an interagency task force – including the Federal Reserve, the Department of the Treasury, the Securities and Exchange Commission (“SEC”), the Department of Energy...
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