- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2024-08-29T16:09:00
The Commodities Futures Trading Commission (CFTC) fined TOTSA TotalEnergies Trading $48 million for allegedly engaging in price manipulation, with Commissioner Carolyn Pham defending a compliance officer at the Swiss energy company accused of making false statements.
Commissioner Carolyn Pham dissented from the CFTC arguing the agency overreached, especially by accusing a TOTSA compliance officer of deception, she said in a statement Tuesday.
In March 2018, TOTSA sold a type of blended gasoline called EBOB at below-market prices to increase sales, the CFTC alleged in its order. TOTSA sales constituted more than 60 percent of the volume transacted by all brokered market participants, the agency said in a press release.
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A former trader at the U.S. affiliate of energy giant Vitol pleaded guilty to bribing officials at Petroleos Mexicanos in an effort to secure contracts.
Brazilian energy and sugar company Raizen Energia SA and its Swiss trading subsidiary will pay $850,000 in fines to settle charges that they engaged in illegal noncompetitive transactions.
CFTC Chairman Heath Tarbert seeks to let the evolving commodities market breathe with a “principles-based” regulatory approach.
Raymond James & Associates and its subsidiary agreed to pay more than $1.9 million to settle allegations levied by the Financial Industry Regulatory Authority that it didn’t have an effective system to handle customer complaints, along with millions of direct mutual fund transactions not reasonably being supervised.
A subsidiary of Bank of America agreed to pay $3 million and take remedial measures to resolve allegations that its surveillance system didn’t detect manipulative trading, the Financial Industry Regulatory Authority said.
The Department of Justice declined to prosecute Boston Consulting Group for allegedly bribing Angolan officials in violation of the Foreign Corrupt Practices Act, citing the firm’s prompt self-disclosure and timely remediation.
