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Date: Mon, 29 Oct 2001 09:43:22 -0800 (PST)
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WASHINGTON, Oct 29 (Reuters) - Federal futures regulators on Monday accused two former Coastal Corp. <CGP.N> vice presidents with fraud in an illegal trading scheme in 1996.
A complaint filed by the Commodity Futures Trading Commission accused Clay Krhovjakand Paul Cochran with defrauding Coastal, which merged with El Paso Corp. <EPG.N> earlier this year.
Over a five-month period in 1996, the two allegedly shifted $89,228 from profitable Coastal trades to accounts controlled by other, unnamed participants,the CFTC said in a complaint filed as an internal administrative complaint.
The scheme "ensured Cochran, Krhovjakand other participants risk-free personal profits," the CFTC said.
The two