Traders charged in Nymex Illegal Trading Investigation
Former New York Mercantile Exchange (Nymex) director Steven Karvellas pleaded guilty to defrauding customers following a joint probe by New York prosecutors and the Commodity Futures Trading Commission (CFTC).
Karvellas pleaded guilty to securities fraud and tampering with evidence after placing his own natural gas contract trades ahead of his customers, an attempt to profit known as “front-running.”
Former floor broker Thomas Maloney also pleaded guilty, along with two other former floor workers. Three others were arrested and their cases expected to go to trial.
Karvellas and Maloney were both charged
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