Violation Tracker Individual Record
The U.S. Commodity Futures Trading Commission announced the entry of a consent order in federal court settling charges brought against BP Products North America Inc. for manipulating and attempting to manipulate the price of TET propane in February 2004, for cornering the market for TET propane in February 2004, and for attempting to manipulate the price of TET propane in April 2003. The CFTC consent order required that BP pay a $125 million civil monetary penalty, establish a compliance and ethics program, and install a monitor to oversee its trading activities in the commodities markets. The consent order also recognized the payment of approximately $53 million by BP into a restitution fund for victims. A simultaneous deferred prosecution agreement with the Justice Department required BP America to pay a $100 million criminal penalty, plus $25 million for a consumer fraud fund.