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Patterson-UTI Energy Embezzlement Saga Ends With Guilty Plea by Nelson

The District Attorney for the Northern Disrict of Texas announced on April 27, 2006 that Jonathan Nelson, former Chief Financial Officer of Patterson-UTI Energy (nation’s second-largest onshore oil drilling provider) has pleaded guilty to the charges against him and admitted in court documents that from January 1998 until November 2005, using various schemes, he embezzled approximately $77,787,649.97 from Patterson-UTI. In additional to restitution, Nelson, age 36, faces a maximum statutory sentence of 30 years imprisonment and a $500,000 fine. See the press release here, including extensive details about Nelson's various schemes, which involved falsifying financial records, forging signatures, and bogus invoices.

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