Former Glencore Oil Trader Charged With Manipulation of Fuel Prices
Dave Michaels, 23 March 2021
WASHINGTON—A former oil trader at mining company Glencore PLC was charged with manipulating fuel oil prices, in a case that echoes claims investigated in Europe seven years ago.
The ex-trader, Emilio Heredia, was charged under a document that prosecutors typically use when a defendant is to plead guilty. He is to be arraigned Tuesday in San Francisco federal court on one count of conspiracy related to trading through a process managed by oil-price benchmark publisher S&P Global Platts. Mr. Heredia directed other traders to submit orders that would push up or down prices, to engineer a move that would improve the profitability of other transactions in physical fuel oil, according to the charging document filed in court last week. Continue reading “Article: Former Glencore Oil Trader Charged With Manipulation of Fuel Prices”
