The Commodity Futures Trading Commission (CFTC) today issued an order filing and settling charges against Olam Group Ltd., a Singapore-based integrated supply chain manager, for submitting false, misleading, or inaccurate reports to the CFTC and the U.S. Department of Agriculture in connection with the sale of U.S. cotton worth more than $190 million.
The order requires Olam to pay a $3,250,000 civil monetary penalty and to cease and desist from further violations of the Commodity Exchange Act and CFTC regulations, as charged.
The order finds in August and September 2021, Olam made five sales of U.S. cotton to a counterparty in Asia that is typically one of the largest global purchasers of cotton. In the aggregate, Olam sold more than 375,000 bales of cotton with a sales value of more than $190 million to this counterparty. The order finds…
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