Oil Trader to Pay Over $300K to Settle Money Laundering, FCPA Charges

Oil trader Gary Oztemel will pay $301,575 to settle charges that he violated the Foreign Corrupt Practices Act for paying over $1 million in bribes to Brazilian officials to secure contracts for two U.S. energy corporations. Oztemel pleaded guilty in June to money laundering, leading to the final plea settlement.

In exchange for agreeing to plead guilty to money laundering and paying over $300,000, the U.S. Attorney's Office for the District of Connecticut dropped the remaining charges against Oztemel. The dropped charges include conspiracy to violate the FCPA, conspiracy to engage in money laundering and concealment of money laundering.

In addition, Oztemel will be placed on probation for two years, during which time he must complete 100 hours of community service and not engage in oil trading without the approval of the court.

Oztemel's brother, Glenn, was convicted in September of violating the FCPA, and another co-conspirator, Eduardo Innecco, was arrested in France and faces extradition to the U.S. (see 2409270052).