Wednesday, July 5, 2006

Embezzlement Swag For Sale

Former Patterson-UTI Energy, Inc. CFO Jody Nelson pled guilty in April 2006 to embezzling over $77 million from the company over a number of years (see earlier post here), and now the effort to recover at least some of the losses will involve an auction of virtually everything he owned.  According to KCBD-TV report (here), Nelson's 19,000 square-foot house into which he sunk over $4 million home will be on the block.  The property includes two swimming pools -- it's not clear if one is the kiddie pool -- and a basement racquetball court, although the house is not complete and will require at least another $1 million, which is a significant amount for the Lubbock, Texas, market.  The auction of Nelson's property is being conducted by Ritchie Brothers Auctioneers Inc., and a website (here) has links to a variety of items available, ranging from a Dirt Devil vacuum cleaner to an autographed 2004 Boston Red Sox jersey -- for the uninitiated, the year the Sox won the World Series and broke the curse of the Bambino.  Nelson used some of the money he stole from Patterson-UTI to fund a construction company, and there is quite a bit heavy equipment available.  The auction is scheduled for July 15. (ph)

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» Former Patterson-UTI Energy CFO's Assets Up for Sale from Embezzlement Lawyer and Defense
We've posted regularly on the $77 million embezzlement perpetrated at Patterson UTI Energy, Inc., to which former CFO Jody Nelson pled guilty in April 2006. The White Collar Crime Prof Blog reported last week that an effort is now underway [Read More]

Tracked on Jul 11, 2006 7:27:22 PM

» Former Patterson-UTI Energy CFO's Assets Up for Sale from Embezzlement Lawyer and Defense
We've posted regularly on the $77 million embezzlement perpetrated at Patterson UTI Energy, Inc., to which former CFO Jody Nelson pled guilty in April 2006 (see post here). T... [Read More]

Tracked on Jul 11, 2006 7:37:25 PM

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