CFTC Fines Vitol $6M For Market Disclosure Failure

Law360, New York (September 14, 2010, 7:21 PM EDT) -- Federal regulators announced Tuesday they had fined Houston-based Vitol Inc. and one of its subsidiaries $6 million for willfully misleading the New York Mercantile Exchange about the true business relationship between the two companies.

The U.S. Commodity Futures Trading Commission said employees at the companies found out in June 2007 that NYMEX, now NYMEX/CME, had the wrong impression of their business relationship but did nothing to correct it.

That allowed Vitol and Vitol Capital Management Ltd. of Houston to employ only limited barriers to the flow...
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