Chesco brothers face battle with federal energy regulators
Two Chester County brothers are fighting back against federal regulators.
The Powhatan Energy Fund, owned by Malvern natives Richard and Kevin Gates, made millions in the energy market in 2010.
The government said it was too much.
Late last month, federal regulators hit their energy fund and its associates with a $34.5 million fine for market manipulation.
But the identical twins, who graduated from Conestoga High School in 1990, say they plan to ignore the fine, which will likely force the Federal Energy Regulatory Commission to take them to federal court.
Through a detailed website, on Twitter, and in Washington, the Gates brothers have tried to portray their battle over millions as a David-and-Goliath fight against “heavy-handed” FERC.