SAExploration Gets Judge’s OK of SEC Accounting Fraud Settlement

Dec. 18, 2020, 8:38 PM

SAExploration Holdings Inc. secured a final judgment approving an injunction-only settlement to end SEC accounting fraud allegations in federal court in New York.

The seismic oil field mapper and its former executives faced Securities and Exchange Commission accusations of artificially and materially inflating reported revenue. SAE didn’t admit wrongdoing as part of the final judgment in the U.S. District Court for the Southern District of New York.

SAE is permanently enjoined from violating certain federal securities laws, Judge Paul G. Gardephe’s judgment said. The judgment didn’t resolve allegations against four of the company’s former executives.

The agency and SAE filed ...

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