Amaranth manipulated gas prices: CFTC
The US Commodity Futures Trading Commission has charged failed hedge fund Amaranth Advisors and its former head trader, Brian Hunter, with trying to manipulate natural gas futures prices.
The CFTC filed a civil enforcement action in the United States District Court for the Southern District of New York, alleging that Hunter and Amaranth attempted to manipulate the price of natural gas futures contracts on the New York Mercantile Exchange (Nymex) on February 24 and April 26, 2006.
The legal action comes a month after the publication of a Senate investigation into the $9.3 billion fund’s activity before its $6.4 billion implosion in 2006.
The CFTC is seeking permanent injunctive
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