Financial Times FT.com

Ex-Nymex director charged with fraud

By Joanna Chung in Washington, Jeremy Lemer in New York and Javier Blas in London

Published: April 8 2008 21:31 | Last updated: April 8 2008 21:31

A former director of the New York Mercantile Exchange on Tuesday pleaded guilty to charges of illegal trading and evidence-tampering following a probe into fraudulent natural gas transactions on the exchange’s floor.

Steven Karvellas, a Nymex director from 1996 to 2006, was among seven men charged in New York with illegally diverting profitable natural gas trades to their personal accounts, ahead of their customers.

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