(Bloomberg) -- The New York Mercantile Exchange, the biggest investor in Optionable Inc., removed its representative from the energy broker's board of directors after learning the former chief executive officer served time in prison, said a person with knowledge of Nymex's decision.
Kevin Cassidy, who stepped down as CEO on May 12, was sentenced to 30 months for a felony conviction on credit card fraud in 1997 and six months for income tax evasion in 1993, court records and Federal Bureau of Prisons documents show. Nymex vice president for new product development, Benjamin Chesir, had joined the Valhalla, New York-based company's board last month.
Read more at Bloomberg Energy News
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