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Heredia’s Market Manipulation Scheme Between June 2012 and August 2016, Heredia was employed as a fuel oil trader engaged in and overseeing trading of a variety of fuel oil products. Among the trades engaged in or overseen by Heredia were numerous trades with state-owned enterprises, including those for delivery to and from the Los Angeles market. During the relevant period, more than approximately 100 such trades were priced in reference to a benchmark price assessment determined by Platts called the Bunker Fuel Oil 380 CST 3.5% Ex-Wharf Los Angeles (Los Angeles Bunker Benchmark). Platts reported the daily Los Angeles Bunker Benchmark as part of its subscription market-reporting services. Platts generally determined the Los Angeles Bunker Benchmark for a given day based on bids to purchase, offers to sell, and trades in bunker fuel during a defined reporting window. Platts reported to market participants before the start of the trading day a market price level, which would usual

United statesLos angelesHeredia colladoEmilio josCommodity futures trading commissionBunker fuel oilDepartment of justice fraud sectionUs district courtUs department of justiceCommodity exchangeCommodity exchange actFrank wall street reformConsumer protection actEx wharf los angelesLos angeles bunker benchmarkFraud section