Western Gas Employee Sued by Government
Laramie, Wy – A former trading manager for Western Gas Resources has been sued in federal court by government regulators who say he manipulated natural-gas prices for his own profit.
The lawsuit alleges Andrew Richmond pressured his traders to report false information from Western Gas' gas transactions to an industry-pricing index service in 2000 and 2001.
Richmond and the Denver-based company allegedly profited by increasing the spread between gas prices at two delivery locations.
Gas could then be purchased at the lower-priced location, transported to the higher-priced location and sold there for greater profit.