I heard about this.  Griswold was a weener.

-----Original Message-----
From: Cherry, Diane - PSP [mailto:dcherry@bpa.gov]
Sent: Wednesday, August 29, 2001 9:56 AM
To: 'Sean Crandall'
Subject: 


Don't know if you saw this:

The Commodity Futures Trading Commission (CFTC) announced August 21 that it
filed and simultaneously settled administrative proceedings against Avista
Energy, of Spokane, Washington, former Avista Energy Vice President of
Trading Thomas Johns of Spokane, Washington, and former Avista Energy trader
Michael T. Griswold of Seattle, Washington. In the Order issued today, the
CFTC finds that on four days between April 1998 and August 1998, Avista
Energy manipulated the settlement prices of the Palo Verde and
California-Oregon-Border electricity futures contracts traded on the New
York Mercantile Exchange (NYMEX), in order to increase the company's net
gain on certain over-the-counter option positions, whose value was based on
the settlement prices at issue. 
 
The CFTC imposed cease and desist orders against Avista Energy, Griswold,
and Johns, and required them to pay civil monetary penalties of $2.1
million, $110,000, and $50,000, respectively. The CFTC also imposed an
18-month trading ban on Griswold and a 12-month trading ban on Johns. The
settlements require Avista Energy, Griswold, and Johns to cooperate in any
further investigations and proceedings related to the conduct at issue.
Avista Energy, Griswold, and Johns consented to the entry of the orders
without admitting or denying the findings made in the orders. 
 
The CFTC also filed a ten-count complaint against former Avista Energy Vice
President of Trading Strategies William H. Taylor of Houston, Texas, former
Avista Energy trader Robert S. Kristufek of Chicago, Illinois, and NYMEX
floor broker Anthony J. DiPlacido of Bellmore, New York, charging them with
participating in the manipulative scheme. 
 
Copies of the CFTC complaint and orders may be found at http://www.cftc.gov/
<http://www.cftc.gov/cftc/cftchome.htm>  
 


Diane Cherry
503.230.5648