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...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.