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U.S. Securities and Exchange Commission v. SAExploration Holdings, Inc. et al
Case Number:
1:20-cv-08423
Court:
Nature of Suit:
Judge:
Firms
- Cadwalader Wickersham
- Debevoise & Plimpton
- Ice Miller
- Lankler Siffert
- Meadows Collier
- Steptoe LLP
- Vinson & Elkins
Companies
Government Agencies
Sectors & Industries:
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November 17, 2023
Ex-Oil Co. Exec, SEC Settle Revenue-Pumping Scheme Claims
A former executive of Texas oilfield services company SAExploration Holdings Inc. will pay over $700,000 to settle the U.S. Securities and Exchange Commission's claims he played a role in a $100 million accounting fraud scheme to falsely inflate the company's reported revenue through bogus "customer" transactions funneled through a shell company.
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April 21, 2023
Oil Co. Ex-CEO To Pay $2.5M For Revenue-Pumping Scheme
A New York federal court on Friday ordered a former Texas oilfield executive to pay roughly $2.5 million for his role in a scheme to fraudulently pump up company revenue, entering final judgment in a civil suit brought by the U.S. Securities and Exchange Commission.
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May 17, 2021
Atty Cooperates Against Ex-CEO Charged With $100M Fraud
The former general counsel of SAExploration Holdings Inc. pled guilty to fraud Monday, telling a Manhattan federal judge he is working with prosecutors who are set to try the Texas oilfield company's former chief executive on charges of booking $100 million of fake revenue.
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February 16, 2021
Oilfield Co. Ex-CEO To Take Fraud Charges To Trial In October
A Manhattan federal judge on Tuesday set an October trial date for Jeffrey Hastings, the former SAExploration Holdings Inc. CEO accused of fraudulently boosting earnings at the Texas oilfield services company by $100 million and siphoning away some $5 million.
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November 05, 2020
Oil Services Co. Settles SEC's $141M Fraud Claims
Bankrupt oilfield services company SAExploration Holdings Inc. on Thursday agreed to settle claims from the U.S. Securities and Exchange Commission that the company and its former executives committed fraud, including by inflating its revenue by $141 million.
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October 09, 2020
SEC Accuses Oil Services Co. Of $100M Fraud
The U.S. Securities and Exchange Commission accused bankrupt oilfield services company SAExploration Holdings Inc., its former CEO Jeffrey Hastings and three other former executives on Thursday of overseeing a $100 million accounting fraud, the same day New York federal prosecutors announced criminal fraud charges against Hastings.