LAWSUITS NEWS & LEGAL INFORMATION
Mirant Energy Trading LLC
Washington, DC: (Jul-12-07) The Department of Justice brought charges against Mirant Energy Trading LLC, a subsidiary of power company Mirant Corp., alleging that the company knowingly submitted fictitious trades, inaccurate reports, and other information to industry publications in 2000. The Justice Department claimed that between February and December 2000, traders of former Mirant subsidiary Mirant Americas Energy Marketing LP used the inaccurate information to benefit the unit's natural gas trading positions. Mirant management alerted government authorities after discovering the false reporting.
In a settlement reached, Mirant Energy Trading agreed to pay an $11 million fine and accept responsibility for the actions of former energy traders. As part of the settlement agreement, the Justice Department agreed not to file criminal charges stemming from its investigation for 15 months. If Mirant fails to comply with the settlement's terms, the government can charge it with delivering knowingly inaccurate reports concerning the commodities market for natural gas. [FORBES: TRADER FRAUD]
Published on Jul-14-07
In a settlement reached, Mirant Energy Trading agreed to pay an $11 million fine and accept responsibility for the actions of former energy traders. As part of the settlement agreement, the Justice Department agreed not to file criminal charges stemming from its investigation for 15 months. If Mirant fails to comply with the settlement's terms, the government can charge it with delivering knowingly inaccurate reports concerning the commodities market for natural gas. [FORBES: TRADER FRAUD]
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