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Arcadia Petroleum Futures Trading Investigation

by John Fabry

Bailey & Galyen is investigating potential claims on behalf of investors in light sweet crude oil futures or options contracts in early 2008. According to a complaint filed by the Commodity Futures Trading Commission (CFTC), traders at Arcadia Petroleum Ltd., a Swiss commodity-trading firm, manipulated the price of oil at America’s central oil hub in Cushing, Oklahoma, in January and February of 2008. The oil traders, Nicholas Wildgoose and James Dyer, are alleged to have entered into forward contracts to buy 4.6 million barrels of oil for physical delivery in February, an amount that represented 66 percent of their beginning-of-month estimate of the total physical Cushing market. Between January 3 and January 16, the pair is alleged to have also bought approximately 13,600 February futures contracts (equivalent to 13.6 million barrels of oil) and sold the same number of March futures contracts. They allegedly did so to manipulate the price of derivatives tied to the value of oil prices at that hub. More specifically, it is alleged that by creating the appearance of temporarily tighter conditions in the physical market, the February futures price would rise relative to the March and the traders would profit as they closed out their futures positions between January 16 and January 22.

If you would like to discuss your rights and interests as an investor, or have information relating to this investigation, please contact John Fabry at Bailey & Galyen’s Houston office at 381-335-7744 or by e-mail at

Business Litigation and Corporate Law

By Michael R. Cramer

Did you know that Bailey & Galyen also has a department dedicated to meeting your needs as a business owner? Bailey & Galyen is uniquely positioned to assist any size company, from mom-and-pop businesses to the largest corporation, with its legal issues.

Our firm can assist with your company’s very beginning by advising you of whether you need a partnership, joint venture, corporation, limited liability company (LLC), professional association or any other type of legal entity. Once your company is formed, we can assist in negotiating and drafting your office lease, employment contracts and sales or service contracts to use with your customers. Our firm is also able to collect your past due accounts receivable from your delinquent clients.

Finally, in the unfortunate circumstance that litigation arises, Bailey & Galyen can handle any size lawsuit, from small-claims court cases and evictions to conflicts in Federal District Court. Our firm has defended hundreds of companies and can also file suit on your behalf when someone fails to honor their obligations to you or your company.

If you are even thinking about starting a new business entity in Texas, call any of our 15 offices and speak to an attorney in the Business Litigation and Corporate Law department. Legal Website Services  ATTORNEY ADVERTISING

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