Deadline to File Arguments In Embezzlement Case Passes - KCBD NewsChannel 11 Lubbock

2/9/06

Deadline to File Arguments In Embezzlement Case Passes

It's a question worth $5 million. Will Jonathan Nelson's attorneys and estranged wife have to give the courts money that they say was legitimate? Jonathan Nelson is the man accused of embezzling nearly $70 million from a Snyder-based oil drilling company. Both his wife and attorneys were in federal court last month arguing why they should keep nearly $5 million.

Judge Sam Cummings gave both parties until 9:00 a.m. Thursday to file all arguments about the issue. Mrs. Nelson's attorneys did not file a briefing but Nelson's attorneys, the Securities and Exchange Commission, Nelson's former employer Patterson UTI as well as the courts receiver all argued about who should keep the money. Nelson's attorneys say they were paid with legitimate money from salaries, shares and bonuses Nelson eared while at Patterson UTI. They also argued Nelson paid them before his assets were frozen.

The Securities and Exchange Commission says Nelson and his attorneys knew he was being investigated when they were paid and the money was transferred fraudulently. Now that the judge has all of the briefing, he will make a ruling on the money.

Jonathan "Jody" Nelson Auction Items
Jonathan "Jody" Nelson, the man accused of embezzling $78-million from a Snyder-based oil drilling company is about to say good-bye to all of his assets. Click here to see a complete list of Nelson's assets that will be on the auction block.

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