Ex-trader at Vitol latest to plead guilty in alleged PEMEX bribery scheme
By 
Adrianne Appel2024-08-26T15:47:00
A former trader at the U.S. affiliate of energy giant Vitol pleaded guilty to bribing officials at Petroleos Mexicanos (PEMEX) in an effort to secure contracts.
The guilty plea of Javier Aguilar is just one outcome of the long-running criminal investigation by the Department of Justice (DOJ) and the Commodities Futures Trading Commission (CFTC) into bribery-related corruption at Vitol concerning energy sales to Brazil, Ecuador, and Mexico between 2017 and 2020, the agency said in a press release Thursday.
Vitol, the largest energy trading company in the world, admitted in December 2020 that its employees bribed officials in Brazil, Ecuador, and Mexico. It entered into a deferred prosecution agreement, including the payment of $135 million in penalties and implementing a corporate compliance program to detect criminal misconduct.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefPham cries CFTC overreach against compliance officer in $48M fine of TOTSA
The Commodities Futures Trading Commission 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.
-
PremiumDOJ commodities trader FCPA sweep offers lessons in cooperation
The value the Department of Justice places on cooperation can be measured by studying penalties and agreements resulting from the agency’s long-running investigation into bribery and corruption by oil traders operating in Latin America and Africa.
-
ArticleCFTC’s foray into FCPA enforcement creates new risk factors
The CFTC’s recent fine ladled onto a DOJ investigation into foreign corrupt practices by Swiss energy trader Vitol S.A. should force companies with any exposure in the commodities market to reexamine their risk profiles, experts say.
More from Regulatory Enforcement
-
ArticleSFO head to step down as speculation grows over future of agency
Nick Ephgrave, director of the U.K.’s main anti-corruption enforcement agency, the Serious Fraud Office, will retire at the end of March—about halfway through his appointed five-year term. Experts say he leaves the agency in a lot better position than he joined it in September 2023.
-
News BriefFTC puts GM’s puts connected vehicle data practices under compliance spotlight
The U.S. Federal Trade Commission finalized its order against General Motors and its OnStar subsidiary over the improper usage of geolocation and driving behavior data of drivers.
-
ArticleKaiser plans pay $556M to settle Medicare upcoding allegations
Kaiser Health affiliates have agreed to pay more than $556 million to settle allegations originally made by whistleblowers that they ignored compliance department warnings and unlawfully reworked diagnoses for Medicare patients in order to receive higher payments from the federal government.