Innospec Agent Pleads Guilty in UN Oil-for-Food Fraud and Iraqi Bribery Case
On June 25, 2010, Ousama M. Naaman, 61, a dual citizen of Canada and Lebanon, pleaded guilty to conspiracy and to violating the FCPA for his role in an eight-year conspiracy to defraud the U.N. Oil-for-Food program and bribing Iraqi official. Naaman faces up to ten years in prison.
According to the June 24, 2010,superseding information, Naaman was charged with conspiracy to defraud the U.N. Oil-for- Food program and conspiracy to violate FCPA, as well as violating the FCPA as an aider and abettor. As previously discussed here, Naaman acted as an agent for Delaware-based Innospec Inc., a manufacturer and seller of specialty chemicals, which previously pleaded guilty in the U.S. District for the District of Columbia to numerous criminal charges, including defrauding the United Nations, violating the FCPA, and violating the U.S. embargo against Cuba. Innospec settled charges with the SEC and DOJ in March 2010, paying approximately $25 million in fines and penalties.