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CFTC Commissioner Once Again Unleashes On The CFTC

By on October 30, 2023 in Commodity Futures Trading Commission, Facade of FCPA Enforcement
Pham

This prior post highlighted how Commodities Futures Trading Commission (CFTC) Commissioner Caroline Pham (pictured) unleased on a CFTC enforcement action based on record keeping issues during the height of COVID.

In short, Pham called the CFTC’s enforcement action “wrong” and “callous.”

In this recent statement, Commissioner Pham once again unleased on the CFTC.

The issues concerned, in part, the so-called deliberative process privilege – a form of executive privilege that protects information from disclosure to third parties if the information involves the process by which a government agency reached a particular decision or developed a specific policy.

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The CFTC’s Bribery Related Enforcement Action Against Glencore

By on May 26, 2022 in Commodity Futures Trading Commission, Glencore
CFTC

In 2019, the U.S. Commodity Futures Trading Commission (CFTC) issued an enforcement advisory concerning companies and individuals “that timely and voluntarily disclose to the Division violations of the Commodity Exchange Act involving foreign corrupt practices, where the voluntary disclosure is followed by full cooperation and appropriate remediation.” (See here).

Some claimed that the CFTC was going to begin investigating and prosecuting Foreign Corrupt Practices Act violations. This was false as the CFTC advisory clearly concerned violations of the Commodity Exchange Act.

Shortly thereafter, Glencore disclosed that the “CFTC is investigating whether Glencore and its subsidiaries may have violated certain provisions of the Commodity Exchange Act and/or CFTC Regulations through corrupt practices in connection with commodities.”

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A Closer Look At The CFTC’s Enforcement Action Against Vitol

By on December 14, 2020 in Commodity Futures Trading Commission, Vitol
CFTC

As highlighted in this previous post, in early 2019 the Commodity Futures Trading Commission (CFTC) issued this enforcement advisory concerning companies and individuals “that timely and voluntarily disclose to the Division violations of the Commodity Exchange Act (CEA) involving foreign corrupt practices, where the voluntary disclosure is followed by full cooperation and appropriate remediation.”

Certain sources, including the FCPA Blog, falsely claimed that the CFTC would now be investigating and prosecuting FCPA violations. However, the CFTC advisory clearly concerned violations of the CEA. (See here for a recent FCPA Flash podcast on the topic).

Recently, in connection with the actual FCPA enforcement action against Vitol, the CFTC also brought an enforcement action against the company for its “fraudulent and manipulative conduct – including conduct relating to foreign corruption.” As stated in the CFTC’s release “this is the first action brought by the CFTC involving foreign corruption” and this post takes a closer look at the CFTC enforcement action.

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Friday Roundup

By on June 7, 2019 in Commodity Futures Trading Commission, F.H. Bertling Ltd, General Electric, Philips, Serious Fraud Office, Siemens, United Kingdom, Whistleblowers
Roundup

Seeking whistleblowers, scrutiny alert, and across the pond. It’s all here in the Friday roundup.

Seeking Whistleblowers

As highlighted in this previous post, a few months ago the Commodity Futures Trading Commission issued this enforcement advisory concerning companies and individuals “that timely and voluntarily disclose to the Division violations of the Commodity Exchange Act (CEA) involving foreign corrupt practices, where the voluntary disclosure is followed by full cooperation and appropriate remediation.”

Certain sources, including the FCPA Blog, falsely claimed that the CFTC is now investigating and prosecuting FCPA violations; however the CFTC advisory clearly concerns violations of the CEA. (See here for a recent FCPA Flash podcast on the topic).

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Friday Roundup

By on April 26, 2019 in Commodity Futures Trading Commission, Frederic Pierucci, Glencore, Goldman Sachs
Roundup

Scrutiny updates, more press, and for the reading stack. It’s all here in the Friday roundup.

Scrutiny Updates

Glencore

As highlighted in this prior post, in March the Commodity Futures Trading Commission issued an enforcement advisory concerning companies and individuals “that timely and voluntarily disclose to the Division violations of the Commodity Exchange Act involving foreign corrupt practices, where the voluntary disclosure is followed by full cooperation and appropriate remediation.”

Conventional wisdom was that this advisory just did not fall out of the sky, but was a reaction to something. In my own mind, that something was Glencore’s FCPA scrutiny which the company disclosed in July 2018 (see here).

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