Snyder Company Investigates $70 Million Embezzlement - KCBD NewsChannel 11 Lubbock

11/11/05

Snyder Company Investigates $70 Million Embezzlement

A Snyder Company is investigating how $70 million was embezzled.

On Thursday, Patterson UTI announced an internal investigation into unauthorized payments for assets that were not delivered. A company audit revealed that a former high ranking employee may have embezzled $70 million over a five year period. Just last month, the company, which drills oil and gas wells world-wide, announced record profits for the third quarter.

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