Nelson's Friends Paying the Price - KCBD NewsChannel 11 Lubbock

3/9/06

Nelson's Friends Paying the Price

New developments in a $70-million embezzlement case. Jonathan "Jody" Nelson is accused of embezzling from a Synder based oil drilling company. The courts have already ordered his wife to give back she received from Nelson. And now, his attorneys must turn over half-million dollars Nelson paid them in legal fees.

The Securities and Exchange Commission is now revealing that many have may benefited from the alleged stolen money. Only $30 million of the $70 million has been recovered. NewsChannel 11's Jennifer Vogel has been following this case since November. and explains why some might not even know they've been effected.

The money trail in Jonathan Nelson's embezzlement case is now leading to his business partners, friends, and family. Court documents are coming out daily naming people who benefited from the money allegedly stolen from Patterson UTI, Nelson's former employer.

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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.

These documents name two people who borrowed money from Nelson. Greg Smith, who is alleged to have bought a $200,000 home, and Cody Pace who reportedly spent $70-thousand on a Tiffany's wedding ring and a honeymoon trip to France. The court is in the process of taking both the house and the ring into their custody.

But others have lost more than just tangible items. Documents reveal Nelson's brother Lance might have to file chapter seven bankruptcy to satisfy the court's request to give back the things he got from Jody. Some of those items already taken by the court include: a $130,000 home in Snyder, a nearly $200,000 condo in Possum Kingdom, a 2005 Cadillac Escalade, a $450,000 boat, and business loans totaling over $800,000.

These items total nearly two-million of the missing $40 million. With that much money still unaccounted for, we're told we can expect to see even more people effected during the course of this trial.

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