U.S. COMMODITY FUTURES TRADING COMMISSION CHARGES COLORADO ENERGY EXECUTIVE WITH FALSE REPORTING AND ATTEMPTED MANIPULATION OF NATURAL GAS PRICES
CFTC Files Federal Action in Denver, Colorado Against Andrew Richmond, Former Director of Marketing for Western Gas Resources, Inc.
Washington D.C. – The United States Commodity Futures Trading Commission (CFTC) announced today the filing of a civil injunctive action in the United States District Court for the District of Colorado charging Andrew Richmond of Superior, Colorado with false reporting and attempted manipulation of the price of natural gas, in violation of the Commodity Exchange Act (CEA).
The complaint charges that between approximately April 2000 and February 2001, while the director of marketing at Western Gas Resources, Inc. (Western), Richmond pressured his subordinates to submit false or misleading or knowingly inaccurate price and volume information to Gas Daily in an attempt to manipulate the price of natural gas. As alleged in the Complaint, at least two of his subordinates succumbed to his pressure and submitted false trade information to Gas Daily. As alleged, Richmond sought to manipulate the price of natural gas at pricing/delivery locations in Texas at which Western had entered into spread positions, in order to increase the profits generated from those positions.
The CFTC thanks the President’s Corporate Fraud Task Force for their assistance with this case.
The following CFTC enforcement staff were responsible for filing this case: Michael J. Otten, Judy T. Lee, Kathleen M. Banar, Lacey Dingman, Richard Glaser, and Richard Wagner.
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