empty
 
 
US authorities fined trader 30 million dollars
28-04-2011 13:25
US authorities fined trader 30 million dollars
US authorities fined trader 30 million dollars

The Federal Energy Regulatory Commission (FERC) fined the leading trader of Amaranth Advisors hedge fund Brian Hunter for tampering on the natural gas market, BBC News reports. The amount of fine is 30 million dollars. Hunter’s lawyer has not yet reported if his client is going to lodge an appeal against his conviction. The fine is related to the Hunter and one more trader – Matthew Donohoe’s investigation of 2007 which was carried out by FERC. Authorities accused both traders of using the scheme which seriously influenced the gas prices. In particular, the scheme included the sales of a significant number of gas futures at the agreed price which enabled traders to manipulate the gas prices and take illegal profit. In 2009 traders succeeded to resolve the conflict with FERC. It is interesting fact that in 2006 Trader Monthly magazine acknowledged Hunter as the most unsuccessful trader. His actions led to the loss of 5 billion dollars on the gas contract market from his own pocket and more than 6 billion dollars of Amaranth Advisors fund. As BBC informs the current fine was imposed after the statements of the US President Barack Obama about formation of a commission which would be engaged in investigations of tampering on the oil market where oil prices are closely related to gas ones. Obama has noted that 35% fuel price growth of the last year could be caused by the manipulations on the oil market.  

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS
Can't speak right now?
Ask your question in the chat.
Widget callback