Former Glencore oil trader pleads guilty to market manipulation charges
Chris Prentice, 29 March 2021
A former Glencore Plc fuel oil trader pleaded guilty and agreed to pay $100,000 to settle charges of market manipulation of a key U.S. pricing benchmark, U.S. authorities said on Thursday.
Emilio José Heredia Collado admitted to a multiyear conspiracy to manipulate the fuel oil market, the U.S. Department of Justice said. Heredia agreed to a lifetime ban and a civil penalty of $100,000 to settle parallel charges filed by the U.S. Commodity Futures Trading Commission.
From as early as June 2012 to at least August 2016, Heredia and others at Glencore sought to boost their profits from oil trading by manipulating prices, U.S. officials said.
A Glencore spokesperson said the firm is cooperating with the ongoing investigation.
