Are propane companies a bunch of crooks?”
BP Charged With Propane Market Manipulation June 29, 2006 The Justice Department and Commodity Futures Trading Commission (CFTC) have charged BP with illegal manipulation of the propane gas market in the northeastern U.S., driving up prices. The government claims the energy company reaped an illegal $20 million dollar profit with the move. Dennis N. Abbott, a former trader at a U.S. subsidiary of BP, has pleaded guilty to conspiring to manipulate and corner the propane market in the winter of 2004, according to Assistant Attorney General Alice S. Fisher. Abbott, 34, of Houston, entered his plea to a conspiracy charge in U.S. District Court for the District of Columbia, before Judge James Robertson. Under the terms of a plea agreement, Abbott faces up to five years in prison, a fine of $250,000, and supervised release following any incarceration. Abbott has agreed to cooperate with law enforcement officials in an ongoing investigation. Abbott admitted in his plea agreement and an accomp
