Parnon, Arcadia to Pay $13 Million in Price-Rigging Suit
Parnon Energy Inc., an oil logistics company, and London-based oil trader Arcadia Petroleum Ltd. agreed to pay $13 million to settle the Commodities and Futures Trading Commission’s (CFTC’s) claims they manipulated oil futures prices. EnSys Energy provided expert testimony in support of the CFTC regarding this case. The CFTC contended that the companies illegally made more than $50 million in 2008 by trading derivatives tied to the price of West Texas Intermediate crude.
Click the above link to read the Bloomberg News Article.