SEC Sues Former CFO of Patterson-UTI Energy for Embezzling $69 Million
The SEC has filed a civil suit against Jonathan Nelson, the former CFO of Patterson-UTI Energy, Inc., one of the largest land-based drilling contractors in the U.S., alleging that Nelson orchestrated a massive phony-invoice scheme to embezzle more than $69 million from Patterson-UTI over five years. See the SEC's litigation release here.
The embezzlement case has received widespread coverage in the local Texas media (see here about the gag order in the case and here about assets seized), as well as in blogs such as The White Collar Crime Prof Blog (a blog on white collar crime; see here and here) and Houston Clear Thinkers (a blog on developments of interest to Houston's business community; see here).
Peter Henning of The White Collar Crime Prof Blog believes that the claims outlined in the civil suit make a criminal charge against Nelson inevitable.