SAExploration Accused of Accounting Fraud

The Securities and Exchange Fee has filed civil rates towards SAExploration Holdings, a publicly traded seismic details acquisition enterprise primarily based in Houston, over an alleged multi-year accounting fraud that falsely inflated the company’s profits and hid the theft of thousands and thousands of pounds.

In a grievance filed in the Southern District of New York, the SEC claimed senior executives engaged in an “elaborate, 4-year-extensive fraud.” It names previous main executive officer and chairman Jeffrey Hastings, previous main financial officer and normal counsel Brent Whiteley, previous CEO and main working 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 relief defendants.

The executives allegedly entered into a series of seismic details acquisition contracts totaling about $a hundred and forty million with a purportedly unrelated Alaska-primarily based enterprise that was in

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