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Bloomberg: Coral Energy Traders Pay $1 Million, Settle Gas Case (Update2)

By Tina Seeley

Nov. 9 (Bloomberg) — Five current and former traders from Coral Energy Resources, a unit of Royal Dutch Shell Plc, agreed to pay $1 million to settle U.S. allegations that they reported false information on natural-gas trades to manipulate prices.

The U.S. Commodity Futures Trading Commission announced the settlement today in an e-mailed statement. The regulator filed a complaint in February 2005 alleging the traders sent false reports to index publishers between October 2001 and June 2002.

“This settlement further demonstrates that the CFTC will vigorously pursue cases of false reporting to energy-index providers and attempts to manipulate energy indexes and markets,” Gregory Mocek, director of enforcement for the commission, said in the statement.

Shell confirmed that three of the people named in the settlement are currently employed by the company.

“In settling this civil case, the individuals neither admitted nor denied the allegations of the complaint,” Shell spokeswoman Rebecca Elliott said in an e-mail. “Since this matter was between the CFTC and the individuals, it is not appropriate for us to comment further on the matter.”

The announcement marks the CFTC’s second in two days on a settlement of a gas-reporting case. Former Mirant Corp. trader Paul Atha agreed to pay $200,000 to settle claims that he made false trade reports, the commission said yesterday.

To contact the reporter on this story: Tina Seeley in Washington at [email protected]

Last Updated: November 9, 2007 12:00 EST

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=auwUaFAzR4wA

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