By Joel Schectman
A federal judge in U.S. District Court in Camden, N.J., on
Tuesday sentenced former PetroTiger Chief Executive Joseph Sigelman
to probation with no jail time, after the defense accepted an
unexpected midtrial plea deal.
The surprise plea agreement, negotiated over the weekend,
represented a surprising turn of events in the closely watched
trial that was just entering its third week. On Monday, Mr.
Sigelman admitted to authorizing payments to a Colombian employee
of state-owned Ecopetrol SA in an effort to secure an oil-services
contract worth more than $39 million.
Mr. Sigelman pleaded guilty to conspiring to violate the Foreign
Corrupt Practices Act, which makes it a crime to bribe overseas
officials to win business. The government dropped its other charges
including money laundering and kickback violations.
U.S. District Judge Joseph Irenas sentenced Mr. Sigelman to
three years' probation and to pay $339,000 in fines and restitution
to PetroTiger.
Write to Joel Schectman at joel.schectman@dowjones.com
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