Ex-Glencore Trader Charged With Manipulating Price of Fuel Oil
- Trader Emilio Heredia faces charges in a California court
- Prosecutors step up scrutiny of global commodity trading
Photographer: Luke Sharrett/Bloomberg
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A former Glencore Plc trader was charged by U.S. authorities with conspiracy to manipulate a key oil price benchmark, the latest sign that prosecutors around the world are stepping up their scrutiny of the notoriously opaque commodity trading industry.
U.S. prosecutors alleged that Emilio Heredia, a former Glencore employee, directed buy and sell orders that would push fuel oil prices up and down. That allowed the companies he worked for to profit from the price swings, between 2012 and 2016, according to a March 15 filing in federal court in San Francisco.