Commodity Futures Trading Commissioner Christy Goldsmith Romero released the following statement regarding charges against Glencore International AG, Glencore Ltd., and Chemoil Corporation:

“At a time when all eyes are on oil markets, it is critical that the CFTC root out fraud and manipulation that can undermine legitimate supply and demand, and the integrity of physical and derivatives oil markets.  Today, the CFTC charged Glencore, one of the largest oil traders in the world, with a wide-ranging scheme to manipulate oil markets to increase their profits.  The CFTC also charged Glencore with defrauding market participants through corruption (kickbacks and bribes) and misappropriation of material non-public information.  This impactful case, for which Glencore will pay more than $1.1 billion, exemplifies the capabilities and impact of the CFTC’s Division of Enforcement, and our strong partnership with the Department of Justice.”