Article: Former Glencore oil trader pleads guilty to market manipulation charges

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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.

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Article: U.S. securities regulator suspends trading in three more ‘meme stocks’

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U.S. securities regulator suspends trading in three more ‘meme stocks’

Chris Prentice, 19 February 2021

WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission on Friday suspended trading in more securities that have seen jumps in both prices and trading volumes since late January amid social media interest.

The SEC temporarily suspended trading of Marathon Group Corp, Affinity Beverage Group Inc, and Sylios Corp beginning on Friday and ending on March 4, the SEC said in statements published on its website. Continue reading “Article: U.S. securities regulator suspends trading in three more ‘meme stocks’”

Article: In GameStop saga, U.S. regulator examining all aspects and parties: sources

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In GameStop saga, U.S. regulator examining all aspects and parties: sources

Chris Prentice, Pete Schroeder, 05 January 2021

WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission (SEC) is looking at every aspect of and parties involved in the “Reddit rally” of GameStop Corp and other stocks, said two people familiar with the matter, suggesting a swath of industry participants may be swept up in the regulator’s review of the trading frenzy.

The people added that the furious surge in shares of GameStop, AMC Entertainment Holdings and other stocks contained familiar patterns, in that it involves users of online platforms hyping up stocks – something seen in the past on bulletin boards and social media platforms.

However, manipulation cases can be complex and may rely on more than simply language posted on a message board, they said.

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