SAExploration Accused of Accounting Fraud

The Securities and Trade Fee has filed civil prices in opposition to SAExploration Holdings, a publicly traded seismic facts acquisition firm centered in Houston, around an alleged multi-yr accounting fraud that falsely inflated the company’s revenue and concealed the theft of thousands and thousands of bucks.

In a criticism filed in the Southern District of New York, the SEC said senior executives engaged in an “elaborate, 4-yr-prolonged fraud.” It names previous chief executive officer and chairman Jeffrey Hastings, previous chief money officer and basic counsel Brent Whiteley, previous CEO and chief functioning officer Brian Beatty, and previous vice president of functions Michael Scott as defendants. It also names the spouses of Hastings and Whiteley, Lori Hastings and Thomas O’Neill, as reduction defendants.

The executives allegedly entered into a sequence of seismic facts acquisition contracts totaling around $a hundred and forty million with a purportedly unrelated Alaska-centered firm that was in

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