Pham cries CFTC overreach against compliance officer in $48M fine of TOTSA
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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