U.S. Accuses Gas Traders of False Reports
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The U.S. Commodity Futures Trading Commission filed lawsuits against 15 natural gas traders, alleging false reporting of transactions and attempted market manipulation.
U.S. District Court filings in Texas, Oklahoma, Georgia and Colorado accuse the traders of reporting bogus information to at least five publications that compile indexes used to set gas prices, the commission said in a statement. The offenses occurred from January 2000 to October 2002, the commission said.
The government seeks court orders barring further violations, restitution and fines as high as $120,000 per violation, commission spokesman Dennis Holden said.
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