Barclays’ Energy Trading in Record $470 Million U.S. Fine
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U.S. regulators proposed a record $469.9 million in penalties against Barclays Plc, and an additional $18 million on four of its former traders, as part of stepped up enforcement against energy-market manipulation.
The Federal Energy Regulatory Commission issued an order yesterday directing the London-based bank to show why it shouldn’t have to pay a $435 million civil penalty and give up $34.9 million in profit for allegedly gaming markets in the western U.S. from late 2006 to 2008. The FERC also proposed an individual penalty of $15 million for trader Scott Connelly and $1 million each for three colleagues.