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by Mike Caswell

The U.S. government has sold the $4.95-million Hawaiian home belonging to Jeffrey Hastings, the Kelowna-Alaska resident jailed for a $100-million accounting fraud. (All figures are in U.S. dollars.) The government will use money from the sale of the five-bedroom home to partially satisfy a $7.3-million judgment against Mr. Hastings. The sale comes with Mr. Hastings still serving a three-year jail term.

The house sale is part of a case in which prosecutors claimed that Mr. Hastings, 64, ran a scheme that resulted in his company, SAExploration Holdings Inc., reporting $100-million in revenue that did not exist. Mr. Hastings and others misappropriated millions of dollars worth of the company's money, the government claimed. There was no trial for Mr. Hastings, as he pleaded guilty to charges of conspiracy to commit securities fraud and conspiracy to commit wire fraud.

The details of the house sale are contained in a process receipt that the U.S. Marshals Service filed on Oct. 10, 2023, in federal court in New York. Authorities had listed the house for sale at $4.8-million, and the property ultimately fetched $4.95-million. Only a small portion of the money will go to Mr. Hastings's debt, however. After deductions to pay out liens on the property and after paying out Mr. Hastings's wife her one-half interest in the property, the government recovered $1.73-million.

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