Nelson's Wife and Lawyer Asked To Ante-Up - KCBD NewsChannel 11 Lubbock

12/20/05

Nelson's Wife and Lawyer Asked To Ante-Up

Tuesday the federal court place a deadline in a $70 million embezzlement case.

$40 million remains unaccounted for, but investigators believe some of that money is in the hands of Nelson's wife and attorney. The Securities and Exchange Commission says they found nearly $5 million in the hands of Nelson's wife and attorney that needs to be turned over immediately. Now, a deadline of December 29th has been set to get back that $5 million.

NewsChannel 11's Jennifer Vogel has been following this case since November when Jonathan Nelson was first accused of embezzling money from Patterson UTI. The story begins on November 13th. That's the day court documents claim Jody Nelson went to Morgan Stanley and transferred over $4 million to a stock brokerage account in his wife's name. The documents say, Nelson opened the account because, "he had been recently accused of wrongdoing."

Two days later, Jody took another $524,000 and transferred it to his attorney, Jeff Kearney, to pay for his legal defense. The SEC says is illegal and unethical, stating "just as a bank robber cannot use the loot to wage the best defense money can buy."

The next day, November 16th, the federal court froze Jody Nelson's assets. Tuesday, the documents gave Nelson's wife and attorney a December 29th deadline to pay the money the SEC says was illegally obtained and transferred.

Court documents state Nelson's wife has already turned over some cash, a home, a car, jewelry and several other items. You can see a list of Nelson's assets in the 19 page receiver's interim report by clicking on the link below.

One thing in question is Nelson's investment with the West Texas Professional Baseball Complex. He apparently put in some money for the complex and we are still trying to find out how his involvement will affect that stadium.

get more>> Web Enhanced
Documents Reveal Big Assets in Lubbock Embezzlement Case
Read Robert Wilson's interim report on the Jonathan Nelson embezzlement.

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