RED BANK: LIQUOR STORE SETTLES CASE

The Vingo store at Newman Springs Road and South Bridge Avenue. (Google Maps photo. Click to enlarge.)

By JOHN T. WARD

The Vingo liquor store in Red Bank is among 20 alcohol retailers that have agreed to pay New Jersey $2.3 million to settle charges of unfair trade practices, the state Division of Alcoholic Beverage Control said in an announcement Tuesday.

The consent agreement grew out of a “sweeping, two-year probe” that also resulted in $8 million payments by the state’s two largest booze wholesalers, the ABC said.

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RUMSON MAN SENTENCED FOR MARKET CRIMES

A Rumson commodities trader who owned and managedĀ a Red Bank firm was sentenced to three years in federal prison last month for market manipulation, the Federal Bureau of Investigation announced Friday.

Michael Coscia, owner of Panther Energy Trading, was convicted in Chicago last November in the first-ever federal prosecution for “spoofing” under the 2010 Dodd-FrankĀ financial reform law, the FBI said.

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RED BANK FIRM SMACKED FOR TRICKERY

A Rumson commodities trader and his Red Bank firm have been slapped with nearly $6 million in fines and paybacks orders by United States and British regulators for an alleged scheme to manipulate prices for oil, agricultural products and more, according to various media reports Monday.

According to a report by Bloomberg News carried on the Star-Ledger website, NJ.com, the U.S. Commodity Futures Trading Commission charged Michael Coscia and his firm, Panther Energy Trading, with market ‘spoofing,’ in which bids and offers in futures contracts for crude oil, metals and other commodities were made anD quickly withdrawn to create the illusion of market demand.

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