U.S. Proposes Record Penalty for Barclays’ Energy Trades
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The U.S. Federal Energy Regulatory Commission proposed that Barclays Plc pay a record $435 million civil penalty and give up $34.9 million in profit for allegedly manipulating energy markets from late 2006 to 2008.
The agency issued the order today, giving the London-based company 30 days to respond. The FERC also proposed an individual penalty of $15 million for trader Scott Connelly and $1 million each for three colleagues.