The WSJ reports that octogenarian Oscar Wyatt Jr. pleaded guilty today to paying surcharges in return for contracts to buy Iraqi oil under the United Nations’s oil-for-food program. The deal calls for the oilman from Houston to spend 18 to 24 months in prison and forfeit $11 million.
According to the Federal Trade Commission, El Paso Energy bought a company that Mr. Wyatt founded, the Coastal Corporation, in 2001 for $16 billion.
The UN’s oil-for-food program lasted from 1996 until 2003. The plea arrangement ended a criminal trial in New York against Mr. Wyatt.