5 Companies to Settle Charges for $50 Million
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A group of energy firms will pay $50 million to settle charges that they reported false natural gas trades to industry publications, the Commodity Futures Trading Commission said.
Aquila Inc. agreed to pay $26.5 million and Xcel Energy Inc. agreed to pay $16 million to settle charges of false reporting and attempted manipulation of natural gas prices. Entergy-Koch and Oneok Inc. each will pay $3 million, and Calpine Corp. will pay $1.5 million to settle charges of false reporting. The firms neither admitted nor denied the charges.
The four companies allegedly reported nonexistent trades, or false prices and volumes for trades that did occur, for about two years until late in 2002. The information was used to compile indexes that influence gas prices.
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