This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7338221.stm

The article has changed 4 times. There is an RSS feed of changes available.

Version 1 Version 2
Former Nymex boss in trade fraud Former Nymex boss in trade fraud
(10 minutes later)
A former director of the New York Mercantile Exchange (Nymex) faces jail after admitting fraud linked to commodities trading.A former director of the New York Mercantile Exchange (Nymex) faces jail after admitting fraud linked to commodities trading.
Steven Karvellas pleaded guilty to the offences in a plea bargain that will see him jailed for five months.Steven Karvellas pleaded guilty to the offences in a plea bargain that will see him jailed for five months.
Three other Nymex commodities traders also admitted charges while a further three people have been arrested.Three other Nymex commodities traders also admitted charges while a further three people have been arrested.
Karvellas, who agreed to pay fines and penalties of $850,000 (£425,000), made no comment outside court.Karvellas, who agreed to pay fines and penalties of $850,000 (£425,000), made no comment outside court.
Nymex is the world's leading trading exchange for oil and precious metals.Nymex is the world's leading trading exchange for oil and precious metals.
'Integrity''Integrity'
He had been a floor trader at the firm since 1990 but was also a member of the Nymex board between 1996 and 2006, and served on the board's executive committee between 1998 and 2002.He had been a floor trader at the firm since 1990 but was also a member of the Nymex board between 1996 and 2006, and served on the board's executive committee between 1998 and 2002.
The fraud, which happened between 2002 and 2003, involved Karvellas delaying allocating customer orders to buy or sell natural gas contracts until he could see whether the market was rising or falling.The fraud, which happened between 2002 and 2003, involved Karvellas delaying allocating customer orders to buy or sell natural gas contracts until he could see whether the market was rising or falling.
Court documents showed that when the market price moved to make an order profitable immediately, he put the contracts in his own name, rather than the customer's.
You have got the fox in the chicken house Robert Morganthau, Manhattan District AttorneyYou have got the fox in the chicken house Robert Morganthau, Manhattan District Attorney
Court documents showed that when the market price moved to make an order profitable immediately, he put the contracts in his own name, rather than the customer's.
Nymex chief executive James Newsome welcomed the probe.Nymex chief executive James Newsome welcomed the probe.
He said the court action "should serve as an unmistakable notice to our market participants that Nymex will not hesitate to work with law enforcement authorities, or take whatever steps are otherwise necessary, to protect the integrity of our markets".He said the court action "should serve as an unmistakable notice to our market participants that Nymex will not hesitate to work with law enforcement authorities, or take whatever steps are otherwise necessary, to protect the integrity of our markets".
Prosecutors said that one of Karvellas' main responsibilities at the firm had been to look out for cases of fraud.Prosecutors said that one of Karvellas' main responsibilities at the firm had been to look out for cases of fraud.
"You have got the fox in the chicken house," said Manhattan District Attorney Robert Morganthau."You have got the fox in the chicken house," said Manhattan District Attorney Robert Morganthau.