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CFTC Charges Parnon Energy, Arcadia Petroleum and Arcadia Energy With Manipulating Crude Oil Market

“The Commodity Futures Trading Commission filed a civil enforcement action against Parnon EnergyArcadia Petroleum and Arcadia Energy for manipulating Nymex crude oil futures prices from January to April 2008.

The CFTC also charged James Dyer and Nick Wildgoose for directing the manipulative trading scheme.

“According to the allegations, defendants conducted a manipulative cycle, driving the price of WTI to artificial highs and then back down, to make unlawful profits,” said the commission in a prepared statement.”

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