Press "Enter" to skip to content

Posts published in “Day: October 10, 2020

SAExploration Accused of Accounting Fraud

The Securities and Exchange Commission has filed civil costs against SAExploration Holdings, a publicly traded seismic data acquisition corporation centered in Houston, about an alleged multi-yr accounting fraud that falsely inflated the company’s income and concealed the theft of tens of millions of dollars.

In a complaint filed in the Southern District of New York, the SEC explained senior executives engaged in an “elaborate, 4-yr-prolonged fraud.” It names former main executive officer and chairman Jeffrey Hastings, former main fiscal officer and standard counsel Brent Whiteley, former CEO and main working officer Brian Beatty, and former vice president of operations Michael Scott as defendants. It also names the spouses of Hastings and Whiteley, Lori Hastings and Thomas O’Neill, as relief defendants.

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

Read More