The Commodity Futures Trading Commission has obtained a $13 million penalty following a federal court consent order issued by Judge William Pauley III of the U.S. District Court for the Southern District of New York against Parnon Energy Inc., Arcadia Petroleum Ltd., Arcadia Energy (Suisse) SA and crude oil traders James Dyer and Nicholas Wildgoose.
The defendants are charged with manipulation and attempted manipulation of New York Mercantile Exchange Light Sweet Crude Oil futures contracts spreads from January 2008 to April 2008.
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