A Connecticut oil and gas trader, Gary Oztemel, is in deep trouble with the feds, accused of running a multi-million dollar bribery and money laundering scheme targeting Brazil’s state-controlled energy giant, Petrobras. A federal grand jury in Connecticut handed down a superseding indictment, alleging Oztemel and his associates paid off Petrobras officials to snag lucrative contracts for their trading companies.
The scheme, according to court documents, wasn’t just about handing over cash. Oztemel, along with his brother Glenn Oztemel and Brazil-based intermediary Eduardo Innecco, allegedly showered Petrobras insiders with bribes in exchange for securing and maintaining business with the massive energy firm. The feds claim the payouts were designed to give Oztemel’s companies, Oil Trade & Transport S.A. (OTT) and Petro Trade Services Inc., an unfair edge in a cutthroat industry.
But the corruption didn’t stop at simple payoffs. The indictment details how a compromised Petrobras official allegedly leaked confidential information about the company’s fuel oil business to Oztemel and his crew. This insider knowledge allowed them to manipulate trading strategies and maximize their illegal profits. It’s a classic case of quid pro quo – bribes for business, and secrets for gain.
Federal prosecutors are hitting Oztemel with serious charges: conspiracy to violate the Foreign Corrupt Practices Act (FCPA), conspiracy to commit money laundering, and two counts of money laundering. The feds allege Oztemel used Petro Trade as a key conduit to wash the dirty money generated by the scheme, attempting to disguise the source of the ill-gotten gains. Glenn Oztemel and Innecco were originally charged in February, and this new indictment expands the scope of the case to include Gary Oztemel.
If convicted, Oztemel is facing a substantial stretch behind bars. The charges carry significant prison sentences, and the feds are clearly sending a message that they won’t tolerate corruption in international trade. This isn’t a slap on the wrist case; they’re aiming for a serious punishment.
The investigation, led by the FBI, is ongoing, and the feds aren’t ruling out the possibility of additional charges or arrests. The case serves as a stark reminder that even seemingly complex international transactions can be exposed, and those involved in bribery and money laundering will be held accountable. The prosecution is being handled by the Fraud Section of the Department of Justice.
This case highlights the continued efforts by federal authorities to crack down on corruption in the global oil and gas industry. The alleged scheme demonstrates how bribery and the misuse of confidential information can distort markets and undermine legitimate business practices.
As with all criminal cases, Oztemel is presumed innocent until proven guilty. However, the evidence presented to the grand jury suggests a well-planned and executed scheme to enrich themselves at the expense of a national oil company and the integrity of international trade. The Grimy Times will continue to follow this case as it unfolds.
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Key Facts
- Category: Public Corruption
- Source: U.S. Department of Justice
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