Oscar Wyatt Pleads Guilty in Oil-for-Food Scandal

Oscar Wyatt, the 83-year-old oil tycoon from Texas, pled guilty on Monday to one of the five charges he was facing regarding a oil-for-food scandal that involved Iraq and could now spend up to two years imprison for his actions.

Wyatt entered a guilty plea for the charge of conspiracy to commit wire fraud. According to his plea agreement Wyatt won’t face charges of engaging in prohibited financial transactions with Iraq.

While Saddam Hussein was still in power Wyatt was believed to have paid the Iraqi government millions of dollars to secure oil contracts. The contracts violated the United Nations oil-for-food program that was in place at the time.

Wyatt will face sentencing on Nov. 27 and is currently free on bail.

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