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Aug 28, 2024 10:20 AM

TotalEnergies Hit With $48M Fine For Market Manipulation

TotalEnergies SEĀ (NYSE:TTE) shares are trading lower Wednesday morning after regulators ordered the French petroleum company to pay a $48 million fine.

The Commodity Futures Trading Commission (CFTC) issued an order against TOTSA TotalEnergies Trading SA, formerly TOTSA Total Oil Trading SA, for attempting to manipulate EBOB-linked futures contracts to benefit its derivatives positions.

The CFTC order mandates that TOTSA pay a $48 million fine and prohibits the company from further violations of the Commodity Exchange Act and related regulations.

In March 2018, TOTSA ...