White Collar Crime
Oil Man Pleads in Iraq Kickback Scheme
Texas oil man Oscar Wyatt has pleaded guilty to conspiracy in the middle of his trial for paying kickbacks to buy Iraqi oil.
Wyatt’s lawyer, Gerald Shargel, told the Wall Street Journal (sub. req.) that his client entered a guilty plea because of his advanced age and the possibility of a long prison sentence. Prosecutors had claimed the 83-year-old Wyatt had made at least $3.9 million in secret payments to get contracts in the oil-for-food program.
The plea deal calls for forfeiture of $11 million and a sentence of 18 to 24 months in prison. “The quicker I get it over with the better,” Wyatt told the newspaper.
