The former Canon oil trader pleaded guilty to manipulating oil prices.

According to foreign reports, Emilio Jose Heredia Collado, a former Canon oil trader, pleaded guilty to conspiring to manipulate the oil price benchmark to influence global oil prices. He admitted to using means to profit from price fluctuations for himself and the company. Collado is facing up to five years in prison and a fine of $250000.

Prosecutors say the 49-year-old trader tried to manipulate prices and artificially change price estimates through S & P global trading news between 2012 and 2016. as a result, the company he works for can buy fuel oil at lower prices from other companies or sell them at higher prices.

Collado ordered others to lower benchmark oil prices 14 times in 2016, reducing fuel prices from $245a tonne to $204.5 a tonne, earning the company hundreds of thousands of dollars in illegal revenue.

In this case, Glencore is working with the authorities, but also points out that Collado is a former employee, not just an employee of Glencore. Collado pleaded guilty in a video conference in federal court in San Francisco on Wednesday in a case that was highlighted for its severe crackdown on energy market manipulation.