Ex-Patterson-UTI Exec Sentenced To 25 Years In Prison

Law360, New York (October 11, 2006, 12:00 AM EDT) -- A former chief financial officer who confessed to embezzling millions of dollars from oil and gas drilling company Patterson-UTI Energy Inc. was slapped with a 25-year prison sentence Tuesday.

U.S. prosecutors claimed that Jonathan D. Nelson used a fake invoice scheme to swindle the company out of $77 million, which he used to go on a spending spree. He allegedly splurged on an airplane, an airfield, a cattle ranch, homes, a truck stop and vehicles.

In addition to the sentence, Nelson was fined $200,000 and ordered...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.