Oil Traders Admit To LyondellBasell Kickback Scheme

Law360, New York (October 20, 2011, 4:39 PM EDT) -- Two men involved in a multimillion-dollar kickback scheme involving Venezuelan oil shipping contracts with LyondellBasell Industries pled guilty Thursday in Texas to conspiring to engage in wire fraud, according to prosecutors.

The two oil traders, Bernard Langley, 54, of the U.K., and Clyde Meltzer, 65, of Houston and Livingston, N.J., face up to 20 years in prison, $250,000 in fines and a $57 million restitution charge, U.S. Attorney Kenneth Magidson said in a statement.

The two were sued after being accused of overcharging oil refinery Houston...
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