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SEC defendant Hastings ordered to pay $7.3M (U.S.)

2022-06-02 20:07 ET - Street Wire

Also Street Wire (U-SAEX) SAExploration Holdings Inc

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by Mike Caswell

A New York judge has imposed a $7.3-million restitution order on Jeffrey Hastings, the Kelowna-Alaska man who was behind a scheme that inflated the revenue of SAExploration Holdings Inc. in 2015 and 2016. (All figures are in U.S. dollars.) Prosecutors claimed that Mr. Hastings, 64, and the company's mostly Canadian management ran a fraud that resulted in SAExploration reporting $100-million in revenue that did not exist. As part of the scheme, the men routed millions of dollars in the company's money to a private entity that Mr. Hastings controlled.

The $7.3-million payment is contained in an order handed down in federal court in New York on May 31, 2022. The amount includes the losses that SAExploration suffered from the scheme. As part of the fraud, Mr. Hastings and the others transferred $6.22-million to a company called Global Equipment, which had invoiced SAExploration for supposed equipment leases.

For Mr. Hastings, the restitution order comes as he is residing in a federal prison in Oregon. The judge previously sentenced him to three years in jail for the scheme. There was no trial, as Mr. Hastings pleaded guilty to charges of conspiracy to commit securities fraud and conspiracy to commit wire fraud.

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