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Texas Oil Tycoon Put in Prison for Oil-For-Food Scandal

Quote:

NEW YORK (Reuters) - Texas oilman Oscar Wyatt, 83, was sentenced to one year and one day in prison on Tuesday for conspiracy in the U.N. oil-for-food scandal, becoming the most prominent figure jailed over corruption in the program to buy oil from Saddam Hussein's Iraq.

The outspoken self-made oil tycoon was sentenced in Manhattan federal court after he pleaded guilty to conspiracy to commit wire fraud in October, four weeks into his criminal trial and just before prosecutors were to rest their case.

Under his plea agreement, prosecutors dropped four other counts against him, cutting short a trial in which they made a case that he paid secret kickbacks to Saddam's government to win oil contracts from Iraq.

The U.N. program was established to help Iraq sell oil to buy humanitarian supplies while it was otherwise under U.N. sanctions due to its 1990 invasion of Kuwait.

But a U.N.-commissioned inquiry headed by former U.S. Federal Reserve Chairman Paul Volcker found the program was corrupted by 2,200 companies in 66 countries that paid $1.8 billion in kickbacks to Iraqi officials to win supply deals.

At trial, prosecutors said Wyatt was at the forefront of the scheme and presented bank transactions, U.N. records and Iraqi government documents to back their claim that Wyatt paid kickbacks to secure Iraqi oil contracts.

As part of the plea deal, Wyatt admitted he agreed to pay a $200,000 surcharge into an Iraqi account in Jordan and he agreed to forfeit $11 million.

http://www.reuters.com/article/topNe...51695120071127

So what you guys think about this? Think there will be any more people getting in trouble over the 'Oil for Food' program?

I see he got hit for 11.2 million, but how much did he make?

Oh ya a year and a day in jail too.

I'd do a year and a day if I could get away with stealing massive sums of money, like this asshole did. Typical bullshit.

He must be a mousliam .... or an arob ..... :1orglaugh

IF I was 83 years old and had millions of dollars I would spend everyday having whores smother my face with their asses, not still working!!!

I dont think that will hurt his bottom line at all.

Quote:

Originally Posted by pornguy (Post 13430883)

I dont think that will hurt his bottom line at all.

..aside that he could die in jail ....

did you read the article, or just pulled on the dumb answer string?

Quote:

But a U.N.-commissioned inquiry headed by former U.S. Federal Reserve Chairman Paul Volcker found the program was corrupted by 2,200 companies in 66 countries that paid $1.8 billion in kickbacks to Iraqi officials to win supply deals.

Which company will be next to go down? Place your bets!

A typo we get 5 yrs, fucking over the country you get a year and a day. lol