A former El Paso Corp. natural gas trader was sentenced Monday to 10 months in prison for reporting bogus trades to industry newsletters in order to affect the price of natural gas, federal prosecutors said.
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Court Denies Amaranth, Trader Pleas to Dismiss Manipulation Charges
A federal court in New York has denied pleas by Amaranth Advisors LLC, Amaranth Advisors (Calgary) ULC and former natural gas trader Brian Hunter to dismiss charges of attempted manipulation of the natural gas market that were brought by the Commodity Futures Trading Commission (CFTC).
Court Denies Amaranth, Trader Pleas to Dismiss Manipulation Charges
A federal court in New York last Monday denied pleas by Amaranth Advisors LLC, Amaranth Advisors (Calgary) ULC and former natural gas trader Brian Hunter to dismiss charges of attempted manipulation of the natural gas market that were brought by the Commodity Futures Trading Commission (CFTC).
Industry Briefs
In what brings to an end nearly all the major lawsuits still pending against the failed energy trader formerly known as Enron Corp., Citigroup will pay Enron Creditors Recovery Corp. $1.66 billion under terms of a MegaClaims settlement approved by the U.S. Bankruptcy Court for the Southern District of New York. The settlement was reached March 26, Enron said. Citigroup also agreed that indemnification claims, to which the bankruptcy court had already established a $4 billion claim reserve, and an additional $249.4 million of claims against the Enron estate held by the bank, would be waived. In addition to the cash settlement, about $1.7 billion of cash held in a disputed claims reserve will be included in a special distribution to creditors in the near term, Enron said. “The settlement with Citigroup marks an important milestone in winding up the Enron estate,” said Enron CEO John Ray III. “Upon implementation of the settlement, the Enron estate expects to return approximately $5 billion to creditors, which brings us to nearly $20 billion in total returned to creditors.”
Futures Rebound Following 36 Bcf Storage Draw
Living up to the old trader adage that “anything can happen on expiration,” the April natural gas futures contract on Thursday explored both higher and lower price levels before anticlimactically going off of the board nearly unchanged from Wednesday’s close. The April contract traded between $9.385 and $9.640 before expiring at $9.578, up six-tenths of a cent from the previous day’s close. May futures had a similarly adventurous day, trading between $9.465 and $9.740 before closing at $9.687, up two-tenths of a cent from Wednesday’s close.
Enron Shareholders Could Reap Record Payout
Enron Corp. shareholders could see a record payout from the failed energy trader, with average payouts of $6.79/share for common stock and $168.50/share for preferred stock, under a court agreement that would settle a 2001 class action lawsuit. The settlement is expected to be finalized in a Houston courtroom in February.
Former Shell Trader Found Guilty of Attempted Manipulation
A jury in federal court in Houston found that former Shell Trading Gas and Power Co. trader Anthony Dizona violated the Commodity Exchange Act by attempting to manipulate natural gas prices on eight separate occasions in the 2001-2002 time frame, the Commodity Futures Trading Commission (CFTC) said last week.
Enron Shareholders May See Record Payout
Enron Corp. shareholders could see a record payout from the failed energy trader, according to court documents. Average payouts are expected to be $6.79/share for common stock and $168.50/share for preferred stock in an agreement to settle a 2001 class action lawsuit that is expected to be finalized in February.
Former Shell Trader Found Guilty of Attempted Manipulation
A jury in federal court in Houston found that former Shell Trading Gas and Power Co. trader Anthony Dizona violated the Commodity Exchange Act by attempting to manipulate natural gas prices on eight separate occasions in the 2001-2002 time frame, the Commodity Futures Trading Commission (CFTC) said Tuesday.
CFTC and Former Mirant Trader Settle False Price Reporting Case
The U.S. Commodity Futures Trading Commission (CFTC) entered into a consent order of permanent injunction with former Mirant energy trader Paul Atha, settling charges that he falsely reported and attempted to manipulate natural gas prices.