Canadian trader Brian Hunter was ordered by the U.S. Commodity Futures Trading Commission (CFTC) Tuesday to pay a $750,000 civil monetary penalty and will be banned from certain types of trading activities for attempting to manipulate the price of natural gas futures.
The CFTC alleged that Hunter attempted to manipulate the price of natural gas futures traded on the New York Mercantile Exchange during the expiry on February 24 and April 26, 2006.
An expiry is the last day that a futures contract is valid.
Hunter, who is from Alberta, is permanently banned from trading in the settlement period during the expiry in all CFTC-regulated products and from trading all CFTC-regulated natural gas products during the daily closing period.
Hunter is also permanently prohibited from registering with the CFTC or claiming exemption from registration.