Glenn Oztemel, International Bribery Scheme, Connecticut 2023
A former oil and gas trader has been convicted of his role in a nearly eight-year long scheme to bribe Brazilian government officials and to launder money to secure business for two Connecticut-based commodities trading companies.
Glenn Oztemel, 65, of Westport, Connecticut, paid bribes to officials of Petróleo Brasileiro S.A. (Petrobras), the Brazilian state-owned oil and gas company, to obtain lucrative contracts for Arcadia Fuels Ltd. (Arcadia) and Freepoint Commodities LLC (Freepoint).
“Glenn Oztemel paid and laundered more than $1 million in bribes to employees of Brazil’s state-owned oil and gas company to obtain lucrative contracts for his commodities-trading companies in Connecticut,” said Principal Deputy Assistant Attorney General Nicole M. Argentieri.
The trial evidence showed that, between 2010 and 2018, Oztemel worked as a senior oil and gas trader — first at Arcadia and then at Freepoint. With the assistance of others, Oztemel paid and caused the payment of bribes to Petrobras officials for their assistance in helping Arcadia and Freepoint to obtain and retain fuel oil contracts with Petrobras and by providing Oztemel and others with confidential information regarding Petrobras’ fuel oil business.
The jury convicted Oztemel of conspiracy to violate the Foreign Corrupt Practices Act (FCPA), conspiracy to commit money laundering, three counts of violating the FCPA, and two counts of money laundering. He faces a maximum penalty of five years in prison on each of the FCPA and conspiracy to violate the FCPA counts, and a maximum penalty of 20 years in prison on each of the money laundering and money laundering conspiracy counts.
Oztemel is set to face sentencing. The maximum penalties could see him facing 20 years in prison on each of the money laundering and money laundering conspiracy counts, and five years on each of the FCPA and conspiracy to violate the FCPA counts.
Key Facts
- State: Connecticut
- Category: Public Corruption
- Source: DOJ Press Release â†â€â€
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