• CFTC Sues Three Firms for Manipulation of 2008 Crude Oil Prices
  • May 27, 2011 | Authors: Jonathan H. Flynn; Anthony M. Mansfield; Gregory Mocek; Paul J. Pantano
  • Law Firm: Cadwalader, Wickersham & Taft LLP - Washington Office
  • On May 24, 2011, the U.S. Commodity Futures Trading Commission (CFTC) filed a civil complaint in the United States District Court for the Southern District of New York alleging that three speculators, Parnon Energy Inc. (Parnon) of California, Arcadia Petroleum Ltd. (Arcadia Petroleum) of the United Kingdom, Arcadia Energy (Suisse) SA (Arcadia Suisse) of Switzerland, including two individuals, James T. Dyer of Australia and Nicholas J. Wildgoose of California, manipulated (and attempted to manipulate) the price of the New York Mercantile Exchange (NYMEX) West Texas Intermediate (WTI) futures contract in January 2008 and March 2008. The price of the NYMEX WTI futures contract is based on the price of crude oil delivered to Cushing, Oklahoma and is a crucial benchmark for crude oil prices around the world.