Former oil and gas trader Glenn Oztemel was recently ordered by a federal judge in Connecticut to forfeit more than $1.7 million for his role in a bribery and money laundering scheme involving Brazilian government officials. In September 2024, a federal jury found Glenn Oztemel guilty of several charges, including money laundering and violating the Foreign Corrupt Practices Act (“FCPA”), in connection with the payment and laundering of more than $1 million in bribes to officials of Petróleo Brasileiro S.A. (“Petrobras”), Brazil’s state-owned oil and gas company, between 2010 and 2018. According to court documents and evidence presented at trial, Glenn Oztemel conspired with his co-defendants—Gary Oztemel, his brother, and Eduardo Innecco, a third-party intermediary—to bribe Petrobras officials in order to obtain and retain contracts for Freepoint Commodities LLC and Arcadia Fuels Ltd., two commodities-trading companies based in Connecticut.
In December 2025, Glenn Oztemel was sentenced to 15 months in prison and ordered to pay a $300,000 fine for his role in the scheme. That same month, the Court, upon a motion by the Department of Justice (DOJ), dismissed all charges against Innecco, who died in October 2025 after fleeing to Brazil to evade extradition to the United States. In June 2024, Gary Oztemel pleaded guilty to count nine of the superseding indictment (monetary transactions involving criminally derived property) and was sentenced in November 2024 to a two-year term of probation and ordered to pay a $8,774 fine and forfeit $301,575 for his role in the scheme.
On January 13, 2026, the District Court ordered Glenn Oztemel to forfeit $1,709,138, based upon a motion by the DOJ seeking forfeiture in an amount it said was equal to the funds laundered through Innecco and his associated companies. The Court found that the DOJ had “established the requisite nexus between the offenses of conviction and the property subject to forfeiture, and that entry of a personal money judgment [was] appropriate.”
In a prior related matter, in December 2023, Freepoint had entered into a deferred prosecution agreement with the DOJ and a settlement with the Commodity Futures Trading Commission. As part of these settlements, Freepoint agreed to pay more than $98 million in criminal and civil penalties, forfeiture, and disgorgement.