Patterson UTI Releases Embezzlement Investigation Results - KCBD NewsChannel 11 Lubbock

3/17/06

Patterson UTI Releases Embezzlement Investigation Results

No other company officials were involved. That's what Patterson UTI Energy determined after its investigation into ex-chief financial officer Jonathan "Jody" Nelson. Nelson is the man accused of embezzling nearly $78 million from the Snyder based oil drilling company. The company described the results of its embezzlement investigation in an amended financial report for 2004. It was filed Friday with the Securities and Exchange Commission.

The court has also settled a dispute over $4.2 million in a Morgan Stanley Account and other items owned by Nelson and his wife Hillary. She has agreed to give up the $4.2 million in the account, plus a home in Dallas, a 2005 Lexus, jewelry, furniture and several other items. Hillary will be able to keep various items including: furniture, children's toys, some jewelry, a 401k account, and $104,000 in cash. The court has also agreed to pay Hillary's attorney $45,000 in fees.

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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