Former Vitol trader indicted on FCPA charges.

In the first of what is thought to be many Foreign Corrupt Practices Act (FCPA) charges to be brought to the energy trading community, a former Vitol trader was indicted on FCPA charges by the Department of Justice (DoJ). A previously sealed indictment (see here) was unsealed yesterday outlining the government’s case against Javier Aguilar. […]

The Commodity Futures Trading Commission updates its Enforcement Manual

Civil Monetary Penalty Guidance On May 28, 2020 James McDonald, Director of Enforcement at the Commodity Futures Trading Commission (CFTC) gave a speech at the Futures Industry Association addressing the issues of penalties and penalty guidance, following up on a memo to staff (see here). This marked the first time in 25 years the CFTC […]

Holding individuals accountable

OverviewThe Department of Justice unsealed a 35-page indictment filed in February of 2015 against three individuals who were executives at Alstom S.A. (Alstom) and Marubeni Corporation (Marubeni) this week. Alstom is a French power and transportation company. Marubeni is a Japanese based trading company. The three individuals named were Junji Kusiinoki of Marubeni and Reza […]

Tim Leissner and 1Malaysia Development Berhad (1MDB)

On December 16, 2019 the Securities and Exchange Commission (SEC) issued a Cease and Desist Order against Respondent Tim Leissner the former senior executive of Goldman Sachs Group, Inc. (Goldman). The Cease and Desist Order cites three specific bond offerings underwritten by Goldman for the 1 Malaysia Development Berhad (1MBD) fund. 1MDB was created to […]