LAWSUITS NEWS & LEGAL INFORMATION
Trading Fraud
Washington, DC: (Mar-06-08) The US Commodity Futures Trading Commission brought charges against Michael Whitney, a former trader and marketing representative at Duke Energy Trading and Marketing LLC, alleging that he made false reports in an attempt to manipulate natural gas prices. The federal regulator claimed that Whitney submitted false reports of natural gas transaction information directly to at least two natural gas reporting firms in an attempt to manipulate the price of natural gas in interstate commerce between June 2001 and August 2002. Duke Energy Corp., one of the nation's largest electric power companies, owns 60 percent of Duke Energy Trading and Marketing, but was not a party to the lawsuit.
As part of a settlement agreement reached by the parties, the Commodity Futures Trading Commission obtained a $55,000 civil penalty and a permanent injunction against Michael Whitney. The order, which is said to have arisen from a February 2005 lawsuit filed by the government, prohibits Whitney from applying for registration, engaging in any activity requiring registration, or acting as a principal for a registered entity for four years. It also resolves CFTC's enforcement action against the Houston based trader. [YAHOO FINANCE: CFTC SETTLES WITH FORMER TRADER]
Published on Mar-8-08
As part of a settlement agreement reached by the parties, the Commodity Futures Trading Commission obtained a $55,000 civil penalty and a permanent injunction against Michael Whitney. The order, which is said to have arisen from a February 2005 lawsuit filed by the government, prohibits Whitney from applying for registration, engaging in any activity requiring registration, or acting as a principal for a registered entity for four years. It also resolves CFTC's enforcement action against the Houston based trader. [
Legal Help
If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please click the link below.Published on Mar-8-08
