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by Mike Caswell

The U.S. Securities and Exchange Commission has won a permanent ban and $2.5-million in monetary sanctions against Jeffrey Hastings, the Kelowna-Alaska man charged for a scheme to boost the revenue of SAExploration Holdings Inc. (All figures are in U.S. dollars.) The SEC said that Mr. Hastings, 65, was part of an arrangement in which SAExploration booked $100-million in revenue that never existed. At the same time, he and other officers pocketed $6-million in company money, according to the SEC.

The penalties for Mr. Hastings are contained in a proposed judgment filed on Thursday, April 13, in federal court in New York. The judgment includes a permanent officer and director ban and an order barring future violations. The monetary portion of his penalties comprises disgorgement of $1.1-million in gains, plus interest, as well as a $1.2-million payment to SAExploration.

For Mr. Hastings, the judgment is just one of his legal problems. He previously pleaded guilty to related criminal charges and received three years in jail. He is serving that sentence at a federal prison in Oregon, and is scheduled for release on June 2, 2024.

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