Wholesale Petroleum Buyers, Sellers — Beware

Law360, New York (December 1, 2009, 12:54 PM EST) -- A new Federal Trade Commission rule, commonly known as the FTC Market Manipulation Rule, took effect on Nov. 4, 2009, and could lead to the imposition of major fines on sellers or buyers at wholesale of crude oil, gasoline, jet fuel and petroleum distillates for either knowingly misleading conduct or statements or intentionally failing to state material information in connection with statements by such sellers and buyers.

As the FTC states, the rule seeks to prohibit “market manipulation — that is, fraudulent or deceptive acts, practices...
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