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Name | Symbol | Market | Type |
---|---|---|---|
Ecopetrol SA | NYSE:EC | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.61 | 0 | 01:00:00 |
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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