FERC Seeks $30M In Hedge Fund, Trader Manipulation Fines

Law360, New York (December 18, 2014, 11:28 AM EST) -- The Federal Energy Regulatory Commission on Wednesday proposed approximately $30 million in fines for a Pennsylvania-based hedge fund and a trader working on its behalf over electricity market manipulation allegations, claims the hedge fund's owners have been publicly fighting.

FERC slapped Powhatan Energy Fund LLC and Houlian (Alan) Chen, who made trades for the fund, with a show cause order formalizing enforcement staff allegations they violated the commission's anti-manipulation rule through so-called up-to-congestion trading in markets administered by regional transmission organization PJM Interconnection in 2010. The...
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