Two former Coastal Corp. futures traders agreed to pay fines totaling $70,000 and have been permanently banned from trading commodity futures on the New York Mercantile Exchange, according to settlement agreements reached with the Commodity Futures Trading Commission (CFTC). Clay Krhovjak of Belleville, TX, and Paul Cochran of Houston were charged in October 2001 with engaging in a fraudulent scheme to misappropriate and trade ahead of Coastal Corp. futures trades. The respondents neither admitted nor denied the underlying facts in the case.
Fines
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CFTC Settles Fraud Case Against Two Former Coastal Corp. Futures Traders
Two former Coastal Corp. futures traders agreed to pay fines totaling $70,000 and have been permanently banned from trading commodity futures on the New York Mercantile Exchange, according to settlement agreements reached with the Commodity Futures Trading Commission (CFTC). Clay Krhovjak of Belleville, TX, and Paul Cochran of Houston were charged in October 2001 with engaging in a fraudulent scheme to misappropriate and trade ahead of Coastal Corp. futures trades. The respondents neither admitted nor denied the underlying facts in the case.
Merrill Lynch Decision Moves Analysts, SEC to Action
Merrill Lynch & Co.’s agreement to pay $100 million in fines to New York and other states and to change the way it compensates its researchers has ended an investigation for one company, but it already is beginning to have a ripple effect on the rest of the sector. Following the decision to change the way it operates, Salomon Smith Barney (SSB) followed suit, acknowledging that Merrill Lynch had set an industry standard that should be followed.
El Paso, Olympic Face Record Fines for Fatal Pipe Blasts
The Department of Transportation (DOT) last week announced it was seeking a fine of $2.52 million against El Paso Natural Gas for several “probable violations” that potentially contributed to the fatal explosion on its pipeline system in New Mexico last August, which resulted in 12 deaths. It was said to be the “largest civil penalty” ever sought against a pipeline operator for federal safety violations.
El Paso, Olympic Face Record Fines for Fatal Pipe Blasts
The Department of Transportation (DOT) yesterday announced it is seeking a fine of $2.52 million against El Paso Natural Gas for several “probable violations” that potentially contributed to the fatal explosion on its pipeline system in New Mexico last August. Although the agency called it the “largest civil penalty” ever sought against a pipeline operator for safety violations, it seemed rather conservative in light of the death toll of 12.