On August 24, 2026, the U.S. District Court for the District of Connecticut granted the U.S. Department of Justice’s unopposed motion to dismiss with prejudice the criminal information against Freepoint Commodities LLC, a Stamford, Connecticut-based commodities trading firm. The order terminates early the three-year deferred prosecution agreement (“DPA”) that was signed in December 2023 and that was not scheduled to expire until on or about December 14, 2026. The DPA resolved a DOJ investigation into alleged violations of the anti-bribery provisions of the Foreign Corrupt Practices Act (“FCPA”) related to Freepoint’s alleged role in a scheme to bribe Brazilian oil officials.
According to the DPA, Freepoint engaged in a bribery scheme from approximately 2012 to 2018 in which it conspired to pay nearly $4 million to Eduardo Innecco, an oil and gas broker, knowing the funds would be used in whole or in part to bribe officials at Petróleo Brasileiro S.A. (“Petrobras”), Brazil’s state-owned oil company, and its wholly owned subsidiary, Petrobras America Inc. Under the scheme, as described in the DPA, Innecco received a monthly consultancy fee of approximately $10,000 and “commissions” of up to 25 cents per barrel for all oil contracts Freepoint obtained with third parties, including Petrobras. The DPA stated that Freepoint earned approximately $30.5 million in profits from Petrobras due to the corrupt scheme. Three individuals—Innecco, Glenn Oztemel, and Gary Oztemel—were separately indicted in 2023 for their roles in the conspiracy. Glenn and Gary Oztemel were both convicted of offenses related to the scheme; Innecco fled to Brazil and died before being tried. In addition to the 2023 criminal resolution with the DOJ, Freepoint simultaneously settled a parallel civil enforcement action with the Commodity Futures Trading Commission. The CFTC claimed that Freepoint traders used bribes to obtain confidential bid and shipping information, employed code words and fake names to conceal the scheme, and traded on misappropriated material non-public information in violation of the Commodity Exchange Act.
The DPA contained a provision permitting early termination if the DOJ determined that a change in circumstances eliminated the need for continued reporting and all other agreement provisions had been satisfied. In their motion to dismiss, federal prosecutors stated that early dismissal was warranted because Freepoint had “fully complied with all of its obligations under the DPA.” Specifically, the government said that Freepoint cooperated fully with DOJ’s investigation, satisfied all self-reporting requirements, implemented an “enhanced compliance program and procedures,” and timely paid the $68 million criminal penalty and forfeited $30,551,150. In May 2026, Freepoint’s Chief Executive Officer and Chief Operating Officer certified to the government that the company had met its disclosure obligations under the DPA, and the CEO and Chief Compliance Officer certified that Freepoint had met its compliance obligations. On August 24, 2026, the Court granted the motion and dismissed the information with prejudice.
Unnopposed Motion to Dismiss | Docket Entries – Dismissal | DPA | Criminal Information