Three Gas Traders Admit To Price Manipulation

Law360, New York (June 20, 2006, 12:00 AM EDT) -- A federal investigation into price manipulation in the natural gas markets continues to net guilty pleas, with three more traders admitting to organizing a conspiracy to skew the price of natural gas.

Mirant Corp. gas traders Paul Atha and Christopher McDonald, and Cinergy Corp. trader Michael Whalen, who was previously a trader at Mirant, have admitted to reporting fictitious trades to Inside FERC, an energy industry newsletter, in order to drive the index price of natural gas to favor energy companies Mirant and Cinergy.

“The false...
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