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Violation Tracker Individual Record

Company: Glencore International A.G.
Current Parent CompanyGlencore
Parent at the Time of the Penalty Announcement subscribe to see this data field
Penalty: $1,186,000,000
Year: 2022
Date: May 24, 2022
Offense Group: competition-related offenses
Primary Offense: energy market manipulation
Secondary Offense: fraud
Violation Description: The Commodity Futures Trading Commission issued an order filing and settling charges against Glencore International A.G. of Switzerland, Glencore Ltd. of New York, and Chemoil Corporation of New York (collectively, Glencore), an energy and commodities trading firm, for manipulative and deceptive conduct. The conduct, which spanned from least 2007 to 2018, involved manipulation and foreign corruption in the U.S. and global oil markets, including manipulation or attempted manipulation of four U.S. based S&P Global Platts physical oil benchmarks and related futures and swaps. Glencore was required to pay a total of $1.186 billion, which consists of the highest civil monetary penalty ($865,630,784) and highest disgorgement amount ($320,715,066) in any CFTC case. The CFTC case was included in an announcement by the U.S. Justice Department about the resolution of its parallel case against Glencore, which included criminal charges (see separate entry).
Level of Government: federal
Action Type: agency action
Agency: Commodity Futures Trading Commission
Civil or Criminal Case: civil
HQ Country of Current Parent: Switzerland
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: commodity trading; mining
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.