June 19, 2006
Gas Traders Plead Guilty
A press release here of the US Attorneys Office for the Northern District of California reports that three gas traders pleaded guilty "to conspiracy to manipulate the price of a commodity in interstate commerce." The press release states that the three:
"admitted in their plea agreements that they conspired to report fictitious trades to an industry newsletter, Inside FERC, from approximately July 1, 2000, to November 1, 2000. They acknowledged reporting the fictitious trades in an attempt to skew the published index prices of natural gas in the direction that would benefit Mirant or Cinergy’s natural gas positions in the market."
The press release states that "[a]ll three defendants are no longer employed by Mirant or Cinergy, and all three have agreed to cooperate with the government in its ongoing investigation."
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