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Houston Chronicle: Shell Traders to Pay $1M Penalty

Nov. 9, 2007, 12:23PM
© 2007 The Associated Press

WASHINGTON — Five Royal Dutch Shell PLC energy traders will pay a $1 million total penalty to settle civil charges that they tried to manipulate natural-gas prices in 2001 and 2002.

The federal Commodity Futures Trading Commission said Friday that the current and former traders at Shell’s Coral Energy subsidiary would pay the fine.

Coral’s name was changed in September to Shell Energy North America.

The traders, Denette Johnson, Courtney Cubbison Moore and Robert Harp of Texas and John Tracy and Kelly Dyer of California, agreed to pay the fine without admitting or denying the allegations.

The CFTC had charged that the traders submitted dozens of false reports on natural-gas prices and supplies to trade publications and directed traders to report prices in a way that would improve their trading positions.

Also this week, a former Mirant Corp. energy trader was fined $200,000 to settle similar civil charges.

http://www.chron.com/disp/story.mpl/ap/fn/5288919.html

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