Oil Tycoon Gets 2 Years In Oil-For-Food Scheme

Law360, New York (March 7, 2008, 12:00 AM EST) -- The sole shareholder of Houston-based oil company Bayoil Inc. was sentenced to two years behind bars Friday for his role in the United Nations' alleged oil-for-food kickback scheme.

Judge Denny Chin of the U.S. District Court for the Southern District of New York also ordered David B. Chalmers Jr. of Houston, to pay more than $9 million in restitution.

The judge also put the companies Chalmers ran – Bayoil, Inc., and its Bahama-based unit, Bayoil Supply & Trading Limited – on probation for three years. Chalmers...
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