Traders Can't Dodge CFTC's $50M Oil Manipulation Suit

Law360, New York (April 26, 2012, 6:18 PM EDT) -- A judge on Thursday refused to dismiss a U.S. Commodity Futures Trading Commission suit claiming Parnon Energy Inc. and Arcadia Petroleum Ltd. manipulated the market for crude oil, ruling that commodity trades at the heart of the commission's complaint are within its regulatory authority.

The CFTC, which launched the suit in May in New York federal court, 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...
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Case Information

Case Title

U.S. Commodity Futures Trading Commission v. Parnon Energy Inc. et al


Case Number

1:11-cv-03543

Court

New York Southern

Nature of Suit

Securities/Commodities

Judge

Katherine B. Forrest

Date Filed

May 24, 2011

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