Jody Nelson Indicted by Federal Grand Jury - KCBD NewsChannel 11 Lubbock

12/7/05

Jody Nelson Indicted by Federal Grand Jury

Late Wednesday afternoon Jonathan "Jody" Nelson was indicted by the federal grand jury. Nelson is accused of embezzling $70-million from an oil-company in Snyder. Criminal charges were filed last month, and just hours ago, the grand jury found enough evidence to take him to trial on those charges. NewsChannel 11's Jennifer Vogel has the latest.

The federal grand jury decided to indict Nelson on two different counts. This document states two different schemes to defraud and falsely reporting federal documents. One scheme mentioned is a bogus invoice scheme where Nelson allegedly embezzled $70-million from Patterson UTI and transferred it to his own company XIT Land and Energy without trading services.

The other scheme mentioned is a wire fraud scheme that says Nelson took over $2-million from Patterson and bought a King-Air Airplane.

There are two counts on the indictment. The first, willful certification of false financial report and aiding and abetting, could land Nelson in jail for 20 years with a $5-million fine. The second count is wire fraud and aiding and abetting. That comes with a $1-million fine and up to 30 years in prison.

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