Utility holding company accept fines to settle trading allegations

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CINCINNATI - A Cinergy Corp. affiliate agreed to pay a $3 million fine to settle federal regulatory charges that two traders in the energy company's Houston-based natural gas trading operation falsely reported information on gas deals.

The U.S. Commodity Futures Trading Commission announced the fine Tuesday, saying two traders with Cinergy Marketing & Trading knowingly reported inaccurate information from August 2000 to July 2002 to two McGraw-Hill publications that compile prices used to settle trades in natural gas markets.
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An unspecified number of false trades were submitted via e-mail and telephone to "Platt's Gas Daily" and "Inside FERC," in violation of federal exchange law, the commission said.

The commission, which regulates trading in futures, said the false information could affect wholesale natural gas prices, including future prices traded on the New York Mercantile Exchange.
http://www.myrtlebeachonline.com/mld/myrtlebeachonline/business/10204671.htm

Just $3 million for affecting a whole market over a 2-year period?? Must be nice to have friends in high places.