WASHINGTON: The US futures regulator on Tuesday sued two veteran oil traders and their employers, the Arcadia and Parnon energy firms, charging they booked US$50mil in profits by manipulating oil prices in 2008.
The Commodity Futures Trading Commission (CFTC) accused traders at Parnon Energy Inc and Arcadia Energy Suisse SA of carrying out a cross-market trading scheme between January and April of 2008 involving accumulation and sell-off of a substantial position in physical crude oil to manipulate futures prices.
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