Federal Judge Freezes Assets Of Five Lubbock Businesses - KCBD NewsChannel 11 Lubbock

11/16/05

Federal Judge Freezes Assets Of Five Lubbock Businesses

A federal judge froze the assets of five Lubbock businesses Wednesday afternoon.

Those businesses are owned by Jonathan Nelson. He's the man recently accused of stealing $70 million from Patterson UTI, a Snyder based oil company, where he was the Chief Financial Officer.

NewsChannel 11 and NewsRadio 1420 have learned that the Federal Securities and Exchange Commission filed suit against Nelson Wednesday afternoon. As part of the lawsuit, the SEC asked a federal judge to freeze the assets of XIT Land & Energy, Chisum Travel Center, Z8 Properties, Chisum Coach Ltd., and Three Stars Aviation.

According to court records, Nelson used his Lubbock-based businesses to write fake invoices for payment from Patterson-UTI. Now, none of these five Lubbock companies can spend any money without the permission of a federal receiver.

36-year-old Nelson, of Lubbock, has not been charged with a crime in this case. We'll follow this story and bring you information as we get it.

The Better Business Bureau
For more information on consumer guidance, business guidance, dispute resolution, and consumer news and alerts; click here to go to the BBB web site.

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