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.
Related articles
-
ArticleCFTC clears deck of ‘compliance’ enforcement actions to focus on fraud
BNY, Citigroup, Santander, UBS, and two other financial institutions paid a total of $8.3M to settle separate compliance violations with the CFTC.
-
PremiumCFTC’s Pham announces end to ‘regulation by enforcement,’ consolidates task forces
The Commodity Futures Trading Commission’s enforcement division will end the practice of “regulation by enforcement,” according to Acting Chair Caroline Pham.
-
News BriefNasdaq unit reaches $22M settlement with CFTC over supervision failures
The Commodity Futures Trading Commission fined a Nasdaq subsidiary $22 million over allegedly misleading the public, regulators, and its own compliance staff about the details of a trader incentive program.
More from Regulatory Enforcement
-
ArticleSan Francisco firm pays $11.4M for alleged Russia-related sanctions violations
A San Francisco-based private equity firm has agreed to pay $11.4 million to settle allegations it violated U.S. sanctions rules by handling investments for a sanctioned Russian oligarch.
-
ArticleCompany agrees to report to FTC for 10 years for alleged student data lapses
A tech company that stores student information for schools has agreed to implement a data security program and report to the Federal Trade Commission for 10 years, after security failures led to data for 10 million students being breached.
-
ArticleLarge wound care practice pays $45M, agrees to monitoring
One of the largest wound care practices in the nation and its founder have agreed to pay $45 million and be subjected to third-party monitoring, to settle allegations that the business intentionally overbilled Medicare by priming its electronic medical records system to do so.