RR Phantom
Location : Wasted Space Job/hobbies : Cayman Islands Actuary
| Subject: Oil trader pinged in $50m US probe Wed May 25, 2011 5:12 am | |
| An Australian has emerged at the centre of a oil price manipulation case in the US with implications for the 2012 presidential election campaign.
Commodities trader James Dyer of Brisbane has been named in a case by the US Commodity Futures Trading Commission that involves allegations against Parnon Energy in the US, and Arcadia Energy in Switzerland, both of which are owned by Norwegian billionaire John Fredriksen.
The CFTC alleges that Mr Dyer, along with trader Nicholas J. Wildgoose of California, and the companies made $US50 million by squeezing markets in 2008. The regulator said the traders had amassed large physical positions at a key US trading hub to create the impression of tight supplies that would boost oil prices.
ANCAPS: ANARCHO-CAPITALISTS |
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