Former SAExploration Executives Settle SEC Accounting Fraud Case

Two former SAExploration Holdings Inc. executives reached deals to resolve an SEC suit alleging they artificially inflated the seismic oil field mapper’s revenue, according to federal court filings in New York.

Brent N. Whiteley and Michael J. Scott allegedly took part in the scheme to improperly record $100 million in revenue starting in 2015, the Securities and Exchange Commission said in its 2020 complaint. The pair agreed to bars prohibiting them from serving as public company officers or directors, the agency told the U.S. District Court for the Southern District of New York.

Whiteley, formerly SAExploration’s chief financial officer ...