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by Mike Caswell
Joseph Kostelecky, the North Dakota man jailed in the United States for an accounting fraud that led to the downfall of Toronto Stock Exchange listing Poseidon Concepts Corp., has asked the appeal courts to let him out of jail. He is seeking to leave prison on health grounds, contending that cancer and a heart condition make him eligible for early release. He previously failed to convince his sentencing judge to release him.
The appeal comes as part of a case that arose after the demise of Poseidon, a Calgary company that rented out tanks for storing the fluids used in hydraulic fracturing. The company reported in 2013 that it would have to restate its revenue for the first nine months of 2012. The resulting restatement wiped out $95-million of the company's $148-million in revenue for the period. The stock, which had traded as high as $16.90 in 2012, hit 27 cents after the news. Two months later, the company delisted from the Toronto Stock Exchange, and is now defunct.
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