{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Seven charged after probe into insider trading at Mercantile Exchange' data-url='/boclips/videos/5c54c19ad8eafeecae15369f' data-video-url='/boclips/videos/5c54c19ad8eafeecae15369f' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nSeven charged after probe into insider trading at Mercantile Exchange\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Wide shot of courthouse2. Various of Steven J. Karvellas walking3. Wide of media 4. SOUNDBITE: (English) Robert Morgenthau, Manhattan District Attorney:\"While working as a floor trader at NYMEX he intentionally engaged in fraudulent...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Wide shot of courthouse\u003cbr/\u003e2. Various of Steven J. Karvellas walking\u003cbr/\u003e3. Wide of media \u003cbr/\u003e4. SOUNDBITE: (English) Robert Morgenthau, Manhattan District Attorney:\u003cbr/\u003e\"While working as a floor trader at NYMEX he intentionally engaged in fraudulent trading in the natural gas market. He admitted that he delayed the execution of customers orders to buy or sell natural gas contracts to see in which direction the market was moving. If the market price moved in direction that made a customers order immediately profitable, for instance the market went up, he would take that order for himself. In this manor he violated his obligation to faithfully execute the customers orders and stole trading profits that rightfully belonged to his customers.\"\u003cbr/\u003e5. Camera cutaway\u003cbr/\u003e6. SOUNDBITE: (English) Gregory Mocek, director of enforcement of the Commodity Futures Trading Commission:\u003cbr/\u003e\"It is our intention that these cases send a message to market participants that traders should expect more than parking tickets when they improperly abuse customer orders and put them in their own account. This illegal conduct is a serious violation of federal and state law and will not be tolerated. Those who trade in our commodity markets expect to get the best prices for their trades. Unfortunately, Mr. Malonie and Mr. Karvellas breached the trust of those they traded for and used their professional trading skills to take advantage of other market participants.\"\u003cbr/\u003e7. Camera cutaway\u003cbr/\u003eSeven people have been charged in a probe of illegal trading at the New York Mercantile Exchange including a former board member who has pleaded guilty in exchange for five months in jail, authorities said on Tuesday.\u003cbr/\u003eSteven J. Karvellas pleaded guilty to violating New York's general business law and tampering with physical evidence. Besides the jail time, he will receive five years of probation and must pay 850-thousand US dollars in fines and legal costs.\u003cbr/\u003eThree other people already have pleaded guilty for participating in fraudulent commodities trading; another three have been arrested and their cases are pending.\u003cbr/\u003eKarvellas, who could have received up to four years in prison on either of the charges, is scheduled to be sentenced September 9. \u003cbr/\u003eFrom 1990 until this year, Karvellas was a floor broker who traded at the exchange. Authorities said he owned two Manhattan companies: Steven J. Karvellas and Co., a natural gas trading company, and Commercial Brokerage Corp.\u003cbr/\u003eCourt papers say Karvellas was on the exchange's board of directors from 1996 to 2000. He also served as chairman of the exchange's Adjudication and Compliance Review Committee from 2000 to 2003.\u003cbr/\u003eAs part of his plea deal, Karvellas admitted he delayed customer orders to buy or sell natural gas contracts while watching the direction in which the market was moving, prosecutors said. \u003cbr/\u003eIf the market moved in a direction that made the order profitable, Karvellas took the contract for himself. Customer orders would be executed later at a less favourable price or not at all.\u003cbr/\u003e\"In this manor he violated his obligation to faithfully execute the customers orders and stole trading profits that rightfully belonged to his customers,\" said Manhattan District Attorney Robert Morgenthau. \u003cbr/\u003eMorgenthau and Gregory Mocek, director of enforcement of the Commodity Futures Trading Commission, announced the charges at a news conference. Neither would estimate the total value of futures contracts that Karvellas traded.\u003cbr/\u003eMorgenthau said Karvellas' methods allowed him \"to engage in risk-free investing for his own account and deprived his customers of the profits they would have realised had he made the trades properly.\"\u003cbr/\u003eMocek said the CFTC is self-regulating and always on the lookout for fraud. Once Karvellas' illegal activity was discovered, he said, the CFTC took it very seriously because he had been a high-ranking member of the exchange. \u003cbr/\u003e\"It is our intention that these cases send a message to market participants that traders should expect more than parking tickets when they improperly abuse customer orders and put them in their own account. This is a serious violation of federal and state law and will not be tolerated,\" said Mocek.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eCurator Rating\u003c/dt\u003e\n\u003cdd\u003e\u003cspan class=\"star-rating\" aria-label=\"3.5 out of 5 stars\" role=\"img\"\u003e\u003ci class=\"fa-solid fa-star 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