BP Products North America Inc. agreed to defer the prosecution of a one-count criminal information charging the company with conspiring to violate the Commodity Exchange Act and to commit mail fraud and wire fraud. According to the criminal information, in April 2003 and February 2004, traders working for a subsidiary of BP America Inc. conspired to manipulate and corner the market for TET propane, or propane transported in the Texas Eastern Products Pipeline Company pipeline system to the northeastern and midwestern United States. Per the agreement, BP will pay a $100 million criminal penalty and approximately $53 million in restitution. BP will also pay $25 million to the U.S. Postal Inspection Service Consumer Fraud Fund and a $125 million civil penalty to the U.S. Commodity Futures Trading Commission (CFTC). In return, the government will not to prosecute BP for a period of three years if the company fully complies with the terms of the agreement, which also requires BP to cooperate with an independent corporate monitor and with Department of Justice investigations into the propane manipulation schemes. See related BP Amoco P.L.C. misconduct instance “Conspiracy to Manipulate the Propane Market.”