{"id":22685,"date":"2011-05-25T07:16:55","date_gmt":"2011-05-25T11:16:55","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=22685"},"modified":"2011-05-25T07:18:15","modified_gmt":"2011-05-25T11:18:15","slug":"oil-trade-and-hedge-fund-fines-hit-200-million-in-2010","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/05\/2011\/oil-trade-and-hedge-fund-fines-hit-200-million-in-2010.html","title":{"rendered":"Oil Trade and Hedge Fund Fines Hit $200 Million in 2010"},"content":{"rendered":"

\"\"<\/a>New York (HedgeCo.net) – Yesterday, the U.S. futures regulator sued two oil\u00a0traders and their employers, the Arcadia and Parnon Energy Firms, charging they booked $50 million in profits by\u00a0manipulating oil prices in 2008, according to a Reuters report.<\/p>\n

“The U.S. Commodity Futures Trading\u00a0Commission (CFTC) was awarded more than $200 million in penalties and fines last year, though it was not always able to collect.” Reuters said.<\/p>\n

The CFTC has also boosted its enforcement efforts, filing 14\u00a0percent more cases in 2010 than in the previous year. The CFTC\u00a0opened a record 419 investigations last year.<\/p>\n

Reuters tracks some of the some of the largest and most prominent fines levied by the CFTC against hedge funds and other traders for violations of U.S. commodity trading regulations:<\/p>\n

2011<\/strong>
\n* Winell Associates and Maxie Partners GP LLC: $5.2 million for unauthorized trading and misappropriating funds.
\n* James Peister and his company Northstar International Group: $11.3 million for defrauding investors and concealing trading losses.<\/p>\n

2010<\/strong>
\n* General Motors Corp former global commodity manager\u00a0Daniel Bealko: $6.5 million for unauthorized trading of
\naluminum futures contracts at NYMEX to defraud GM.
\n* ConAgra Trade Group Inc: $12 million for causing an\u00a0artificial crude oil price to be reported in a race to be first
\nto trade oil at $100.
\n* Moore Capital Management: $25 million for attempting to\u00a0manipulate settlement prices of platinum and palladium
\nfutures.
\n* Morgan Stanley Capital Group: $14 million for\u00a0concealing a large block crude oil trade at settlement.<\/p>\n

Editing by Alex Akesson
For HedgeCo.net<\/a>
\nalex@hedgeco.net<\/a>
\nHedgeCo.Net<\/a> is a premier hedge fund database<\/a> and community for qualified and accredited investors only. Membership in HedgeCo.net<\/a> is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

New York (HedgeCo.net) – Yesterday, the U.S. futures regulator sued two oil\u00a0traders and their employers, the Arcadia and Parnon Energy Firms, charging they booked $50 million in profits by\u00a0manipulating oil prices in 2008, according to a Reuters report. “The U.S. […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,3],"tags":[],"class_list":["post-22685","post","type-post","status-publish","format-standard","hentry","category-hedge-fund-fraud","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/22685","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=22685"}],"version-history":[{"count":3,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/22685\/revisions"}],"predecessor-version":[{"id":22688,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/22685\/revisions\/22688"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=22685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=22685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=22685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}