UNSCAM Gets Another Scalp

A Virginia oil trading company has pleaded guilty to grand larceny in the United Nations oil-for-food scandal, prosecutors said Thursday.

Midway Trading of Reston, Va., is accused of being part of a scheme to pay kickbacks to Iraq in connection with oil purchases made under the program, Manhattan District Attorney Robert Morgenthau said.

Midway has already pleaded guilty to first-degree grand larceny, prosecutors said.

Midway and a trading partner, Bulf Oil, are accused of paying more than $440,000 in kickbacks to Iraqi officials in connection with oil purchases, but falsely told the U.N that no kickbacks were paid. Midway will pay a $250,000 fine, Morgenthau said.

Technorati: UNSCAM, Oil for Food, and Kofi Annan