NEW YORK (Reuters) – Freepoint Commodities LLC has agreed to pay over $98 million to settle U.S. charges related to a scheme to misappropriate material non-public information and bribe Brazilian officials to secure oil business, authorities said on Thursday.
The Connecticut-based commodities trader has agreed to pay a criminal penalty of $68 million and forfeit another $30 million to resolve the Justice Department probe and also give up another $7.6 million in ill-gotten gains to resolve related charges from the CFTC, the DOJ said in a statement.
Freepoint engaged in a scheme from 2012-2018 to obtain material nonpublic information and bribe Brazilian government officials to secure business with Brazil’s state-owned oil company Petróleo Brasileiro S.A., according to CFTC and DOJ statements.
A spokesperson for the firm did not respond immediately to calls for comment.
Reuters previously reported the U.S. and Brazilian authorities were investigating the firm.
(Reporting by Chris Prentice)
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