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Weeks Into Trial, Oil-For-Food Honcho Pleads Guilty

Law360 (October 1, 2007, 12:00 AM EDT) -- Coastal Corporation founder Oscar Wyatt, Jr. pled guilty Monday and promised to forfeit $11 million to quell the U.S. Department of Justice's charges that he paid Saddam Hussein's regime millions in kickbacks for oil deals connected to the United Nations' sullied oil-for-food program.

The 83-year-old tycoon entered his guilty plea to one count of wire fraud before Judge Denny Chin of the U.S. District Court for the Southern District of New York amid charges that he had ordered and authorized illicit payments into Iraqi accounts in...
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