A Canadian man once employed by the commodities trading house Gunvor Group pleaded guilty on Tuesday to involvement in what U.S. prosecutors called a scheme to bribe Ecuadorean government officials to win business from state-controlled oil company Petroecuador.
Raymond Kohut, 68, entered his plea to a money laundering conspiracy charge before U.S. District Judge Eric Vitaliano in Brooklyn, New York. He faces up to a 20 years in prison and agreed to a $2.2 million criminal forfeiture.
U.S. and Brazilian authorities have for many years been investigating some of the world’s largest commodity trading firms over allegations of fraud and bribery.
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