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Issues To Consider From The Freepoint Commodities Enforcement Action

Issues

This recent post highlighted the Foreign Corrupt Practices Act enforcement action against Freepoint Commodities based on alleged bribery schemes in Brazil. (This post discussed the related Commodities Future Trading Commission enforcement action against the company).

This post highlights additional issues to consider from the FCPA enforcement action.

Assessing Freepoint’s Culpability

Freepoint might be the least culpable defendant in FCPA enforcement action history.

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A Look At The CFTC Enforcement Action Against Freepoint

CFTC

In recent years, a few Foreign Corrupt Practices Act enforcement actions have also resulted in parallel matters against the same company by the Commodities Futures Trading Commission (CFTC) for fraud and/or other manipulative conduct. (See here for the CFTC enforcement action against Vitol (based on the same general conduct alleged in the related FCPA enforcement action) and here for the CFTC enforcement action against Glencore (based on the same general conduct alleged in the related FCPA enforcement action).

The latest example occurred last week as the CFTC – in connection with an FCPA enforcement action against Freepoint Commodities – also brought an enforcement action against Freepoint.

In summary fashion, this CFTC order states:

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Bribes As “Breakfast” And “Breakfast Servings”

breakfast

Earlier this week the DOJ announced that “Glenn Oztemel (who worked as a senior oil and gas trader at two Connecticut-based trading companies (Trading Company #1 and Trading Company #2) and Eduardo Innecco (a dual Brazilian and Italian citizen who worked as an oil and gas broker and agent for Trading Company #1 and Trading Company #2 in Brazil) were charged with FCPA and related offenses for an alleged Brazil bribery scheme.

As highlighted here, Oztemel was previously employed by Freepoint Commodities LLC.

In summary fashion, the indictment alleges:

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