Tycoon Sent to JailIn Oil-for-Food Case
By CHAD BRAYNovember 29, 2007; Page B10
Texas oil trader Oscar S. Wyatt Jr. was sentenced to more than a year in prison after pleading guilty to a conspiracy charge and admitting he approved the payment of a $200,000 surcharge to the Iraqi government in violation of the United Nations' oil-for-food program.
At a hearing in Manhattan, U.S. District Judge Denny Chin sentenced Mr. Wyatt, the former chairman of Coastal Corp., to 12 months and one day in prison, to be followed by three years of supervised release. He also ordered Mr. Wyatt to forfeit $11 million, which Mr. Wyatt paid yesterday.
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"My opinions in many ways probably caused me to skirt too close to the law," said Mr. Wyatt, who has been outspoken about both Bush administrations and about U.S. policy in Iraq. "For that, I was wrong, and for that, I am truly sorry."
Mr. Wyatt, 83 years old, pleaded guilty to a single count of conspiracy in October, abruptly ending his trial on conspiracy, wire-fraud and other charges on its 12th day. He had faced 18 months to 24 months under a plea agreement.
Mr. Wyatt admitted that he agreed to cause a surcharge of about $200,000 to be paid to a bank account in Jordan controlled by officials at Iraq's State Oil Marketing Organization in December 2001, a violation of the U.N. program and U.S. law.
Write to Chad Bray at chad.bray@dowjones.com
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