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SEC defendant Scott avoids jail for SAExploration fraud

2024-02-15 20:11 ET - Street Wire

Also Street Wire (U-SAEX) SAExploration Holdings Inc

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by Mike Caswell

Alberta resident Michael Scott has avoided going to a U.S. jail for the $100-million accounting fraud at seismic data provider SAExploration Holdings Inc. in 2015. (All figures are in U.S. dollars.) A New York judge has ordered him to serve one year of supervised release for his part in the scheme, which included creating fake purchase orders. Mr. Scott pleaded early in the case and helped the government pursue others.

Mr. Scott, 65, received his sentence in a late-day appearance before Judge Gregory Woods on Wednesday, Feb. 14. The judge imposed a sentence equal to time served, which amounts to nothing for Mr. Scott, as he previously pleaded guilty without ever setting foot in the U.S. or being arrested. (The unusual arrangement came about because Mr. Scott entered his plea during a period when COVID-19 protocols limited travel. At the time, courts were routinely handling matters through video appearances.) In addition to the one year of supervised release, Mr. Scott must forfeit $219,940, representing his gains from the scheme.

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