Duke Fires Two Over ‘Improper’ Trades

Duke Energy Corp. said it fired two employees after reviewing “improper” energy trades that have become part of an investigation by federal regulators.

An internal review showed 89 “round-trip” trades out of 750,000 Duke reviewed at the request of the Securities and Exchange Commission, the company said. Duke said 61 of those “did not have a legitimate business purpose” and were “done at the direction of one trader.”

Round-trip trades are swaps of power at the same price and time, which can boost trading volume.

The shares of Charlotte, N.C.-based Duke fell 5 cents to $25.44 on the NYSE. The announcement was made after the market closed.