GREEN PLAINS INC
GPRE
Materials
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exclusion reason
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This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
The Federal Energy Regulatory Commission fined Green Plains $947,000 for cross-market manipulation in natural gas trading. FERC found that the company engaged in uneconomic physical bidweek trading designed to move the IFERC MichCon index price and benefit its short financial positions tied to that index.
FERC characterized the trading pattern as a "fraudulent device" executed with "requisite scienter" — meaning Green Plains knowingly employed the scheme to manipulate market prices. The company's physical trades were unprofitable on their own terms and served no legitimate hedging or commercial purpose apart from influencing the settlement index.
Research Sources
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Related Exclusions
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The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.