LAWSUITS NEWS & LEGAL INFORMATION
Jeffrey Bradley and Robert Martin
Washington, DC: (Jun-26-07) The Commodity Futures Trading Commission booked charges against two former CMS Energy Corp. employees, Jeffrey Bradley and Robert Martin, alleging that they tried to manipulate natural gas markets in 2001 and 2002. The Commodity Futures Trading Commission claimed that former CMS natural gas traders reported false information about natural gas trades to publications owned by Platts, a McGraw-Hill Cos. subsidiary.
Though the two did not agree or deny the allegations, they agreed to the fines stipulated by the commission. Bradley is required to pay a $100,000 fine, and Martin is required to pay $25,000. Jackson, Mich.-based CMS in 2003 agreed to pay $16 million to settle CFTC allegations that it reported false information about its natural gas trades. CMS exited the energy trading business and sold its natural gas trading business more than four years ago. CMS acknowledged that some company traders had reported bogus data and disclosed in May 2002 that an internal review found its energy marketing unit had made energy swaps that artificially inflated revenue and expenses by more than $4.4 billion from May 2000 through mid-January 2002. [MSN NEWS: CMS EMPLOYEE FRAUD]
Published on Jul-1-07
Though the two did not agree or deny the allegations, they agreed to the fines stipulated by the commission. Bradley is required to pay a $100,000 fine, and Martin is required to pay $25,000. Jackson, Mich.-based CMS in 2003 agreed to pay $16 million to settle CFTC allegations that it reported false information about its natural gas trades. CMS exited the energy trading business and sold its natural gas trading business more than four years ago. CMS acknowledged that some company traders had reported bogus data and disclosed in May 2002 that an internal review found its energy marketing unit had made energy swaps that artificially inflated revenue and expenses by more than $4.4 billion from May 2000 through mid-January 2002. [MSN NEWS: CMS EMPLOYEE FRAUD]
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