Duke Fires Two Over ‘Improper’ Trades
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Duke Energy Corp. said it fired two employees after reviewing “improper” energy trades that have become part of an investigation by federal regulators.
An internal review showed 89 “round-trip” trades out of 750,000 Duke reviewed at the request of the Securities and Exchange Commission, the company said. Duke said 61 of those “did not have a legitimate business purpose” and were “done at the direction of one trader.”
Round-trip trades are swaps of power at the same price and time, which can boost trading volume.
The shares of Charlotte, N.C.-based Duke fell 5 cents to $25.44 on the NYSE. The announcement was made after the market closed.
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