US sues oil traders for price manipulation - Los Angeles Times

The Commodity Futures Trading Commission accuses two well-known traders and two trading firms owned by Norwegian billionaire John Fredriksen of making $50 million by squeezing markets in 2008.

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U.S. regulators launched one of the biggest ever crackdowns on oil price manipulation Tuesday, suing two well-known traders and two trading firms owned by Norwegian billionaire John Fredriksen for allegedly making $50 million by squeezing markets in 2008. The Commodity Futures Trading Commission said traders James Dyer of Oklahoma's Parnon Energy and Nick Wildgoose of Europe-based Arcadia Energy amassed large physical positions at a key U.S. trading hub to create the impression of tight supplies that would boost oil prices.

US sues oil traders for price manipulation - Los Angeles Times