SAExploration, Former Leaders Face SEC Accounting Fraud Case (1)

SAExploration Holdings Inc. and four former executives improperly recorded $100 million in revenue starting in 2015, and the executives misappropriated millions, the SEC told a federal court in New York.

The seismic oil field mapper and its executives artificially and materially inflated its reported revenue through transactions with a purportedly unrelated company that two of the executives controlled, according to a Securities and Exchange Commission complaint filed in the U.S. District Court for the Southern District of New York.

Former CEO and board chair Jeffrey H. Hastings also faces related criminal charges, the Justice Department announced Thursday. Also named as ...