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DOJ Announces Indictment Of Oil Trader In Connection With Alleged Ecuador Bribery Scheme

oil trading

Yesterday, the DOJ announced that Javier Aguilar (described as a trader at the U.S. subsidiary of a multinational oil distributor and trading company – “Trading Company) was criminally charged for “his alleged participation in a five-year international bribery and money laundering scheme involving corrupt payments to Ecuadorian officials.” According to this report, Aguilar’s former employer is Vitol Inc. As highlighted in this previous post, Vitol has reportedly been under scrutiny.

Although not mentioned in the indictment, the DOJ releases references an “original complaint” and that the Ecuadorian officials included individuals associated with PetroEcuador (a business organization previously mentioned in FCPA enforcement actions – see here and here).

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Friday Roundup

Roundup

Never mind that …, “foreign official” charges, scrutiny alert, ISO-37001 related, and ethics inquiry up north. It’s all here in the Friday roundup.

Never Mind That …

Never mind that Cobalt International – not once, but twice – beat back the government in connection with FCPA scrutiny in Angola (see prior posts here and here as well as this podcast).

Nevertheless, a federal court judge recently approved an approximate $175 million settlement of investor class action claims alleging various securities laws violations by Cobalt related to its FCPA scrutiny (see here). As to the plaintiffs’ lawyers, well they get 25% of that amount plus approximately $2 million in reimbursement of litigation expenses.

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Friday Roundup

Roundup

Good lord, scrutiny alert and updates, across the pond, and for the reading stack. It’s all here in the Friday roundup.

Good Lord

Here is how Rep. Jackie Speier (an individual with a law degree) described the Foreign Corrupt Practices Act on a recent CNN program – “It is a requirement that anyone doing business with a foreign entity make sure that none of the money that comes into a project has been laundered.”

Good lord, get it right or stop talking about the FCPA.

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