Powhatan Energy Fund Managers Gain Senator’s Voice In FERC Enforcement Scrutiny

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Kevin and Richard Gates have maintained that the trades made by Alan Chen were done in accordance with federal rules.

West Chester investment managers Richard and Kevin Gates of Powhatan Energy Fund have gained the voice of a U.S. senator in their scrutiny of Federal Energy Regulatory Commission enforcement practices — but only after he and other top elected officials promoted FERC’s chief investigator to the agency’s highest position.

The after-the-fact due diligence comes from Pennsylvania Democrat Robert Casey, whose “veiled questions fit complaints against FERC by two of Casey’s constitutents, Richard and Kevin Gates, … who have alleged, in a public campaign laying out their complaints (and hiring ex-FERC experts) at their website ferclitigation.com (see Casey’s letter there too), that FERC under (now-chairman Norman) Bay has been relentlessly investigating them for energy trades designed to reap millions in market trading compensation payments at a time when such trades weren’t illegal,” Philly.com reported.

Read more about Casey’s request for a review of Bay’s agency on Philly.com here.

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Top photo courtesy of Philly.com