Vitol Settles First CFTC Action Involving Foreign Corruption, Defers Prosecution With DOJ

The CFTC, DOJ and Brazilian MPF recently announced the settlement of charges against Houston-based energy and commodities trading firm Vitol, Inc., for fraudulent and manipulative conduct, including foreign corruption, that took place between 2005 and 2020. The DOJ’s action is the “first ever coordinated resolution with the CFTC in a foreign bribery case,” said Daniel Kahn, Acting Chief of the DOJ’s Fraud Section. We take a look at the case and dissect what it means for the future of coordinated settlements both in the U.S. and abroad. See “CFTC’s Director of Enforcement Explains Decision to Regulate Foreign Corruption” (May 29, 2019).

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