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SEC defendant Hastings sees Hawaiian home on the block

2023-05-11 20:24 ET - Street Wire

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by Mike Caswell

Jeffrey Hastings, the Kelowna-Alaska resident jailed in the United States for a $100-million accounting fraud, will soon see his $4.8-million house in Hawaii sold by the government. (All figures are in U.S. dollars.) The U.S. Marshals Service has given notice that it will put the five-bedroom home on the market as part of the government's effort to collect a $7.3-million judgment against Mr. Hastings. The property will be sold on an "as-is" basis.

The sale comes as part of a case in which prosecutors claimed that Mr. Hastings ran a scheme that resulted in his company, SAExploration Holdings Inc., reporting $100-million in revenue that did not exist. Through the course of the fraud, 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 judge later sentenced him to three years in jail.

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