CFTC charges 3 firms with oil price manipulation

[Roland99]

Source: MarketWatch

The Commodity Futures Trading Commission on Tuesday filed a civil enforcement action in the United States District Court for the Southern District of New York against Parnon Energy Inc., Arcadia Petroleum Ltd. of the United Kingdom, and Arcadia Energy of Switzerland. The CFTC also charged James Dyer and Nicholas Wildgoose with unlawfully manipulating and attempting to manipulate New York Mercantile Exchange crude oil futures prices from January to April 2008. "According to the allegations, defendants conducted a manipulative cycle, driving the price of WTI to artificial highs and then back down, to make unlawful profits," said the commission in a statement.

Read more: http://www.marketwatch.com/story/cftc-charges-3-firms-with-oil-price-manipulation-2011-05-24-1356490?link=MW_home_latest_news

[DJ13]

1. 3 little fish while the whales of Wall St remain untouched

[elleng]

2. Good news, good to see they're addressing manipulation.

[StarburstClock]

3. The head of the CFTC was on the Ed Show and said big firms are the worst

manipulators by disguising themselves as commercial traders rather than speculators. Three small firm cases may be a warning shot but I doubt it.