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Patterson-UTI Energy Embezzlement Case Update

In the latest news on the Patterson-UTI Energy embezzlement trial of former CFO John Nelson, the company indicated on Friday that an investigation by its audit committee confirmed that no other employees knowingly participated in Nelson's alleged $69 million embezzlement. See the full story here.

This news report adds that Nelson's wife Hillary has agreed to give up $4.2 million in a Morgan Stanley 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.


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