Asset Recovery Watch

ARW-59
Bayoil Corporation / Oscar J. Wyatt, Jr.
United States
Iraq [Development Fund for Iraq], United States
Undertaking Recovery Effort, Location of Recovery Effort (United States)
2005
2009
Art.16
No
Criminal Prosecution and Restitution
Unknown
Unspecified
The Government Sentencing Memorandum stated the need to pay restitution to the victims, i.e. people of Iraq. (Source: US v. Wyatt, Case No. 1:05-cr-59 (SDNY), Government Sentencing Memorandum filed November 26, 2007.)
Completed
Assets Returned to Victim or Requesting Jurisdiction
$11,023,246
Yes
Restitution to people of Iraq via Development Fund of Iraq

In 2007, Mr. Wyatt, founder of the US energy company Coastal Corporation, entered into a plea agreement with the United States Attorney for the Southern District of New York in relation to his involvement in the UN Oil-for-Food scheme.  As part of his plea agreement, Mr. Wyatt agreed to pay $11,023,245.91 in restitution to the victims of his crime.  The Government's Sentencing Memorandum stated that the people of Iraq were among the victims of the scheme and that the restitution paid be transferred the Development Fund for Iraq for use to benefit the Iraqi people. (Source: US v. Wyatt, Case No. 1:05-cr-59 (D.D.C.), Government Sentencing Memorandum filed November 26, 2007.)

In 2007, Mr. Wyatt pleaded guilty to one count conspiracy to commit wire fraud, and subsequently sentenced to one year' imprisonment. (Source: United States Attorney for the Southern District of New York, "Texas Oilman Sentenced to One Year in Prison for Conspiring to Make Illegal Payments to the Former Government of Iraq," November 27, 2007.)

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Federal Bureau of Investigation, Criminal and Counterintelligence Divisions; Department of the Treasury, Office of Foreign Assets Control; Department of State; United Nations Office of Legal Affairs and the former Independent Inquiry Committee into the United Nations Oil-for-Food Program
United States Attorney for the Southern District of New York
United States District Court for the Southern District of New York