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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