Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Tuesday, April 8, 2008

Former Nymex Director Pleads Guity to Front-Running

Steven Karvellas, a former Director of the New York Mercantile Exchange, pleaded guilty to two felony counts of illegal trading in natural-gas markets.  The charges result from an investigation by the Exchange, the CFTC, and the Manhattan District Attorney into "front-running," or the practice of waiting to execute a customer's order until the broker determines how the market is moving.  WSJ, Ex-Nymex Official Pleads Guilty To 2 Counts in Gas-Trading Probe.

http://lawprofessors.typepad.com/securities/2008/04/former-nymex-di.html

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