By Joel Schectman
The trial of former PetroTiger Chief Executive Joseph Sigelman
came to an abrupt end Monday morning after the businessman admitted
bribing a Colombian official to win an oil-services contract valued
at $39 million.
Mr. Sigelman pleaded guilty in federal court in Camden, N.J., to
charges that he violated the Foreign Corrupt Practices Act by
conspiring to bribe an employee of Colombia's state-run oil company
Ecopetrol SA. Mr. Sigelman admitted that he turned a blind eye to
the fact that employee David Duran worked for Ecopetrol. An
attorney for Mr. Duran has said previously Mr. Duran maintains his
innocence and says the payments weren't bribes.
The unexpected turn of events came as the closely watched
bribery trial was about to enter its third week. The government
reached the agreement with Mr. Sigelman after a key witness, former
PetroTiger general counsel Gregory Weisman, told the court last
week that he had given false testimony regarding the demands that
authorities had made as part of his cooperation agreement. Mr.
Weisman has pleaded guilty to FCPA violations and kickback
charges.
Mr. Sigelman's plea deal calls for him to be sentenced to up to
one year in jail. U.S. District Judge Joseph Irenas approved the
deal Monday and will sentence Mr. Sigelman on Tuesday.
Write to Joel Schectman at joel.schectman@wsj.com
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