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Venezuelan Pleads Guilty in $1 Billion PDVSA Bribery Scheme

  • Venezuelan businessman makes plea deal to avoid Texas trial
  • Rincon Fernandez is sixth to admit role in oil-corruption plot
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A Venezuelan businessman pleaded guilty to bribing officials of Venezuela’s national oil company to steer about $1 billion in energy-supply contracts amid the country’s now-faded oil boom to himself and a partner in the U.S.

Roberto Enrique Rincon Fernandez, a Venezuelan citizen who lived in Texas, admitted his role in the bribery scheme as part of a plea deal that reduced his potential prison term to 13 years. He previously faced a possible sentence of more than 100 years, according to court papers.