U.S. regulators say a Dutch company had manipulated prices for crude oil, heating oil and gasoline for almost two weeks in 2007.

The Commodity Futures Trading Commission filed a complaint as a lawsuit in federal court in New York, accusing Optiver Holding, a trading firm based in Amsterdam, and several other firms and company officers of using manipulative tactics in at least five instances to influence global benchmark prices -- generating more than $1 million in illegal profits, The New York Times reported Thursday.

Regulators caught on to the alleged scheme within days after it began, The Times said.

In addition to Optiver Holding, the suit names Optiver US of Chicago and Optiver VOF of Amsterdam as well as and three company officers -- including Optiver US of Chicago chief executive Bastiaan van Kempen.

Two executives are accused of lying to investigators in an effort to cover up the alleged irregularities.

In a statement Thursday night, Optiver said it would review the complaint with its legal advisers.

We believe that we have run our business by doing not only what is best for the bottom line, but what is right, the company said.

Copyright 2008 by United Press International


Publication date: 25 July 2008   

Source: UPI-1-20080725-00135300-bc-us-oil-manipulate.xml

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