Williams: Traders Gave False Reportsby Tribune Wire Service
Salt Lake Tribune, October 26, 2002
TULSA, Oklahoma -- Williams Cos. said Friday that a few of its natural-gas traders gave false information about trades to an energy industry publication, potentially affecting its published price indexes.
Williams said the bogus reports were discovered during a continuing internal review that also will assess their impact on the price indexes, which are compiled using trade data from industry sources.
The Tulsa-based energy company would not specify what sort of false information was provided to the publication, which it would not name, nor how many employees were involved.
Traders typically report trade prices and volumes to the industry press, spokesman Kelly Swan said.
Shares of Williams fell 7 cents, or 4.76 percent, to close at $1.40 Friday on the New York Stock Exchange. The stock has a 52-week high of $30.40, reached Nov. 9, 2001.
Williams is the third energy trader to disclose false reporting to industry publications by its traders. American Electric Power Co. on Oct. 9 fired five traders, and Dynegy Inc. on Oct. 18 fired six and said it would discipline seven more.
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