Violation Tracker Individual Record

Company: 
BP Products North America Inc.
Current Parent Company: 
BP
Penalty: 
$303,000,000
Year: 
2007
Date: 
October 25, 2007
Primary Offense: 
energy market manipulation
Secondary Offense: 
fraud
Violation Description: 

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.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Commodity Futures Trading Commission
Civil or Criminal Case: 
civil and criminal
Prosecution Agreement: 
deferred prosecution agreement
HQ Country of Parent: 
Britain
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
oil and gas
Specific Industry of Parent: 
oil & gas
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.