The Securities and Trade Fee has submitted civil prices in opposition to SAExploration Holdings, a publicly traded seismic info acquisition firm centered in Houston, in excess of an alleged multi-year accounting fraud that falsely inflated the company’s profits and hid the theft of thousands and thousands of dollars.
In a criticism submitted in the Southern District of New York, the SEC said senior executives engaged in an “elaborate, four-year-lengthy fraud.” It names previous chief government officer and chairman Jeffrey Hastings, previous chief financial officer and typical 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 relief defendants.
The executives allegedly entered into a collection of seismic info acquisition contracts totaling close to $a hundred and forty million with a purportedly unrelated Alaska-centered firm