Optiver oil manipulation case inches towards settlement

It is one of the largest oil manipulation cases ever filed by the CFTC, it has been dragging on for years, and it looks like it may be entering a new phase: settlement. Optiver Holding BV, two of its subsidiaries and three of its employees were hit with oil manipulation charges by the CFTC back in 2008. The...

Derivatives trader to sue Arcadia

Last week’s public sparring between the CFTC and oil traders Arcadia Petroleum, Parnon Energy, and Arcadia Energy (all owned by Norwegian shipping magnate John Fredriksen) won’t be simmering down any time soon. Stephen Ardizzone, a derivatives trader, has thrown his proverbial hat into the ring...

UPDATE Arcadia Petroleum: “The CFTC is wrong on both the facts and the law.”

UPDATE 5/26 John Fredriksen, self-made shipping tycoon and owner of the oil trading firms in question, has joined the fray. He has accused the CFTC of targeting defendants Dyer and Wildgoose because of their association with BP Oil. Said Fredriksen: “Maybe the problem is that these guys (the ...

CFTC charges energy traders with crude oil price manipulation

The CFTC announced today that it has charged Parnon Energy (California), Arcadia Petroleum (UK), Arcadia Energy (Switzerland), James T. Dyer (Australia), and Nicholas J. Wildgoose (California) with manipulation and attempt to manipulate crude oil futures on the New York Mercantile Exchange (NYMEX) between...