Former energy traders to pay $550,000 in fines
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The U.S. Commodity Futures Trading Commission fined two former traders at power producers Mirant Corp. and Cinergy Corp. a total of $550,000 for attempting to manipulate natural gas prices in 2000.
Christopher McDonald, a former vice president of trading at a Mirant subsidiary, and Michael Whalen, a former Cinergy trader, arranged to send false data to firms compiling indexes of natural gas prices to improve their trading positions, the Washington-based agency said.
McDonald agreed to pay $350,000 and Whalen will pay $200,000 in fines to settle the commission’s claims, the regulator said.
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