ConAgra Trade Group Fined Over First $100 Oil Trade
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ConAgra Trade Group Inc. was fined $12 million over a false trade in 2008 when one of the firm’s brokers wanted to be the first to buy $100 oil, according to the Commodity Futures Trading Commission.
The incident that led to the charge of causing a non-bona fide price to be reported occurred on Jan. 2, 2008, as oil prices neared $100 a barrel on the New York Mercantile Exchange, the CFTC said today in an e-mailed statement. ConAgra and the regulator settled the charges without admitting or denying wrongdoing, the CFTC said.