Forex

These stories will forever be classic in the financial scandals. Remember the guy who brought down the 100 year old UK bank? and remember the ingenious oil trader Brian Hunter from the esteemed hedge fund Amaranth? Now here is a new discovery. And you wonder why Mr. Brian Hunter tries contango the market...maybe...maybe not...here is CFTC's latest release:

Release: 5359-07
For Release: July 25, 2007

U.S. Commodity Futures Trading Commission Charges Hedge Fund Amaranth and its Former Head Energy Trader, Brian Hunter, with Attempted Manipulation of the Price of Natural Gas Futures

Complaint Also Alleges That Amaranth Advisors L.L.C. Tried to Cover Up the Conduct by Making False Statements to the New York Mercantile Exchange (NYMEX)

Washington D.C. � The U.S. Commodity Futures Trading Commission (CFTC) announced today the filing of a civil enforcement action in the United States District Court for the Southern District of New York against Amaranth Advisors, L.L.C., Amaranth Advisors (Calgary) ULC (collectively �Amaranth�), and Brian Hunter, alleging that defendants engaged in a scheme of price manipulation that violated the Commodity Exchange Act, as amended (the Act). Specifically, the Complaint alleges that the defendants intentionally and unlawfully attempted to manipulate the price of natural gas futures contracts on the NYMEX on February 24 and April 26, 2006. The CFTC is seeking permanent injunctive relief, an award of civil penalties, and other remedial and ancillary relief as is necessary.
http://www.cftc.gov/opa/enf07/opa5359-07.htm

that story about the 100 year old uk bank is told in rogue trader. great movie!