CVR ENERGY, INC. (CVI)

[eFinanceMarkets]

Reuters: CFTC not probing Icahn over biofuels credits

The CFTC has told eight Democratic U.S. senators that it is not investigating Carl Icahn after the group had asked it to look into his activities in the biofuels credits market, Reuters reports.

The senators had urged the CFTC and other regulators to investigate whether Icahn, an adviser to Pres. Trump who submitted a proposal to change the U.S. biofuels credit program in a way that would ease the burden on oil refiners, had violated insider trading laws or market manipulation laws in RINs markets, but the CFTC said in a May 19 letter that it would take no actions since RINs are not traded on futures markets, according to the report.

Icahn owns majority stakes in CVR Energy (NYSE:CVI) and CVR Refining (NYSE:CVRR).