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Business Crimes Hotline
NEW JERSEY
Former PetroTiger CEO Sentenced to Probation
Following his earlier guilty plea to a single count of conspiracy to violate the Foreign Corrupt Practices Act (FCPA), former PetroTiger CEO Joseph Sigelman was sentenced to a three-year term of probation on June 16 by Judge Joseph E. Irenas of the United States District Court in New Jersey. The government had sought a one-year prison term for Sigelman after he admitted that he and two other executives of British Virgin Islands-based PetroTiger ' Gregory Weisman and Knut Hammarskjold ' paid $333,500 to an employee of Ecopetrol to obtain a $45 million oil services contract with the Columbian state-owned oil company. In addition to the term of probation, Sigelman was ordered to pay a $100,000 fine and $240,000 in restitution.
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