Royal Dutch Shell Group .com Rotating Header Image

CNN MONEY: Shell settles on bogus trades

Jan 5th, 2006
by admin.

CNN MONEY: Shell settles on bogus trades: Posted Thursday 5 January 2006
Commodities agency settles Shell oil trading case for $300,000
January 4, 2006: 9:44 PM EST
WASHINGTON (Reuters) – Two Royal Dutch Shell units and a Shell trader will pay $300,000 to settle charges of making prearranged crude oil trades on the New York Mercantile Exchange, the U.S. Commodity Futures Trading Commission said on Wednesday.
The units, Shell Trading U.S. and Shell International Trading and Shipping, and Shell trader Nigel Catterall were accused of making the fake trades between November 2003 and March 2004, the CFTC said in a statement.
“The traders prearranged the trade by agreeing in advance on the quantity and the settlement month, agreeing to take the opposite positions of the trade and executing the trade on the NYMEX,” the CFTC said. “Catterall was involved in the prearrangement of certain of these trades.”
In a settlement with the CFTC, the two Shell units and Catterall agreed to pay a total of $300,000 in penalties and did not admit or deny any wrongdoing.
A Shell spokeswoman said the firm was “pleased that this matter has been brought to a close,” and said Catterall is still employed at Shell Trading U.S.
The prearranged trades constituted fake sales that violated federal law and CFTC regulations, the CFTC said.
Separately, NYMEX has taken disciplinary action against Shell Trading U.S. and an employee of the company, the CFTC said. 

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Posted in: Uncategorized.

← →

Comments are closed.