Former oil trader sentenced in Petrobras bribery and money-laundering case
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A U.S. court sentenced Glenn Oztemel to 15 months in prison and fined him $300,000 after his September 2024 convictions for FCPA conspiracy, money-laundering conspiracy, three FCPA violations and two money-laundering counts. The DOJ said the scheme involved more than $1 million in bribes to Petrobras officials to obtain confidential bidding and pricing information for Arcadia Fuels and Freepoint Commodities contracts.
According to the DOJ, payments were routed through intermediary Eduardo Innecco and disguised as consulting fees and commissions. In a related matter, Freepoint admitted FCPA anti-bribery violations in December 2023 and entered a deferred prosecution agreement requiring more than $98 million in criminal penalties and forfeiture.
The case highlights risks where third-party intermediaries, consultancy or commission payments, and state-owned enterprise procurement interact. Controls should address intermediary due diligence, payment substantiation, and access to confidential tender information.