One of the biggest ever crackdown by US regulators on oil price...

One of the biggest ever crackdown by US regulators on oil price manipulation has snared two South Cyprus - linked companies and a Norwegian tycoon with Greek Cypriot citizenship. Regulators are suing two well - known traders and two trading firms owned by Norwegian billionaire John Fredriksen for allegedly making $50m by squeezing markets in 2008. The US Commodity Futures Trading Commission said traders James Dyer of Parnon Energy, and Nick Wildgoose of Arcadia Energy, amassed large physical positions at a key US trading hub to create the impression of tight supplies that would boost oil prices. Later it's alleged they dumped those barrels back on the market, causing prices to crash and racking up profites from short positions they had accrued in futures markets, according to the suit, which seeking $150m. Both Parnon and Arcadia are controlled by Fredriksen's Holdings, based in Limassol. Fredriksens's energy empire also includes liquefied natural gas company Golar Energy, which put in a bid to produce Liquefied Natural Gas (LNG) for South Cyprus on an offshore plant, which it was willing to fully finance.

source: Cyprus Star TRNC