Energy Executive Pleads Guilty In Embezzling Case

Law360, New York (April 28, 2006, 12:00 AM EDT) -- The former chief financial officer of Patterson-UTI Energy Inc., who was accused of embezzling $77 million, has pled guilty in federal court, joining the litany of energy company executives that have been indicted for fraud.

Jonathan D. Nelson pled guilty to one count of wire fraud and aiding and abetting, one count of engaging in monetary transactions derived from specific unlawful activity and aiding and abetting.

The charges carry a maximum prison sentence of 30 years and a possible fine of up to $500,000. The sentencing...
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