Vitol to pay $95.7 million to settle fraud, market manipulation charges
Reuters Staff, 04 December 2020
WASHINGTON (Reuters) – Energy and commodities trading firm Vitol Inc has agreed to pay $95.7 million to settle charges of corruption-based fraud and attempted market manipulation, the U.S. Commodity Futures Trading Commission on Thursday.
Houston-based Vitol did not admit or deny the charges, but agreed to pay the civil penalties related to making bribes and offering kickbacks to employees of certain state-owned entities in Brazil, Ecuador and Mexico in exchange for “preferential treatment and access to trades,” the regulator said.
