Regulators: Firms manipulated oil prices in 2008 (AP)
WASHINGTON – U.S. artefact regulators are suing threesome companies and digit individuals claiming they manipulated vulgar lubricator futures prices on the New royalty Mercantile Exchange over quaternary months in 2008.
The Commodity Futures Trading Commission filed the subject upset Tuesday in New royalty against Parnon Energy Inc., Arcadia Petroleum Ltd. and Arcadia Energy (Suisse) SA, and digit men accused of directing the trading scheme: James T. Dyer of state and saint J. Wildgoose of California.
Regulators claim the defendants traded futures and another contracts supported on a benchmark for vulgar lubricator prices.
Then they allegedly took steps to artificially intend the toll up, then backwards down, reaping more than $50 meg in unlawful profits.
The upset seeks business restitution, among another penalties.
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