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Oil co. execs guilty in corruption probe

May 7, 2007 at 9:54 PM   |   Comments

ANCHORAGE, Alaska, May 7 (UPI) -- Two oil company executives Monday pleaded guilty in federal court to bribery and conspiracy in connection with a U.S. probe of political corruption in Alaska.

Bill J. Allen, the chief executive of Veco Corp., pleaded guilty to two counts of conspiracy and one court of bribery, The Anchorage Daily News reported. U.S. District Court Judge John Sedwick released Allen on $10,000 bond and ordered him to report to a probation officer each week, the newspaper said.

Rick Smith, a Veco vice president and chief lobbyist, pleaded guilty to the same charges and was also released on $10,000 bond and ordered to contact a probation officer each week, the newspaper said.

No date was set for sentencing for the defendants, who face up to five years in prison on each conspiracy count and up to 10 years for bribery, as well as a $250,000 fine for each count.

Evidence in the case included secret recordings of transactions between Allen and several Alaska legislators in a Juneau hotel room in 2006.

Two former members and one current member of the Alaska Legislature were indicted last week in the case.

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