Bail denied for two oil traders indicted

December 16, 2010 8:51:32 AM PST
A judge in Houston has denied bail for two oil traders indicted in a kickback scheme that includes allegations of wire fraud and money laundering. Clyde Meltzer of Houston and Bernard Langley of the United Kingdom pleaded not guilty Wednesday. Both have been in federal detention since Dec. 9.

Magistrate Judge Mary Milloy denied bail, saying Meltzer and Langley could be flight risks.

The Houston Chronicle reported Thursday that the scheme alleged in the indictment involved overcharging chemical company LyondellBasell for the cost of shipping oil via tankers.

The 12-count indictment includes charges of conspiracy to commit wire and mail fraud, wire fraud, conspiracy to commit international money laundering and money laundering.

A LyondellBasell spokesman had no comment. A LyondellBasell employee is cooperating in the investigation.


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