In this case, the U.S. Commodity Futures Trading Commission alleged that Mr. Dizona and five other Coral Energy Resources traders submitted biased price and volume information to Inside FERC, a trade publication, that affected its monthly natural gas price indices. The jury acquitted Mr. Dizona on charges of false reporting, but found him guilty of attempted manipulation. However, the court, relying on the testimony of Compass Lexecon expert Joseph Kalt, set aside the verdict. In support of its decision, the court relied on Dr. Kalt’s testimony that “…the price information submitted by [the Coral traders] accurately reflected the legitimate forces of supply and demand.” Mr. Dizona was successfully represented by William G. Rosch III of Rosch & Ross, and Fred W. Stumpf of Stumpf Farrimond.
- Policy & Regulation
- Financial Institutions & Products
- Joseph P. Kalt