CFTC Hits Traders With $50M Oil Manipulation Suit

Law360, New York (May 24, 2011, 8:10 PM EDT) -- The U.S. Commodity Futures Trading Commission sued Parnon Energy Inc. and Arcadia Petroleum Ltd. on Tuesday in New York federal court, accusing the traders of manipulating the market for crude oil.

The CFTC claims Parnon and Arcadia ran a scheme to drive the price of West Texas Intermediate light sweet crude oil up and down from January 2008 to April 2008, netting the companies $50 million in illegal profits and violating the Commodity Exchange Act.

West Texas Intermediate oil, which is delivered to users in Cushing,...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.