The former chief executive officer of commodities brokerage firm Optionable Inc. April 25 was sentenced by the U.S. District Court for the Southern District of New York to 30 months in prison after pleading guilty to participating in a natural gas options scheme designed to defraud the Bank of Montreal (United States v. Cassidy).
In a same-day statement, U.S. Attorney Preet Bharara said defendant Kevin Cassidy conspired with BMO’s former lead natural gas derivatives trader, David Lee, to “fraudulently subvert the process” by which the bank attempted independently to verify the value of its natural gas derivatives portfolio. ...
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