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Oscar Wyatt pleads guilty in oil-for-food trial
Agrees to forfeit $11 million; faces sentencing Nov. 27 Texas oilman Oscar Wyatt pleaded guilty Monday to participating in a scheme that paid millions of dollars in kickbacks to the former Iraqi government between 2000 and 2003 to secure contracts linked to the United Nations oil-for-food program.U.S. Attorney Michael Garcia said Wyatt, 83, made the plea nearly four weeks into his trial, the day before the government planned to rest its case against him. Wyatt pleaded guilty to one count of conspiracy to commit wire fraud. The former founder and CEO of Coastal Corp. is scheduled to be sentenced by Judge Denny Chin on Nov. 27. Though the crime is punishable by up to 20 years in prison, the plea deal calls for Wyatt to spend no more than two years behind bars. Wyatt will forfeit $11 million and begin his prison sentence by Jan. 2. Posted by: Fred 2007-10-02 |
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