Defendant Name: SAExploration Holdings, Inc.

Defendant Type: Public Company
SIC Code: 9999
CUSIP: 78636X87

Initial Case Details

Legal Case Name SEC (Plaintiff) v. SAExploration Holdings Inc., Jeffrey H. Hastings, Brent N. Whiteley, Brian A. Beatty, and Michael J. Scott (Defendants) and Thomas W. O'Neill and Lori E. Hastings (Relief Defendants)
First Document Date 08-Oct-2020
Initial Filing Format Civil Proceeding
Case Number 20-cv-08423
Allegation Type Issuer Reporting and Disclosure
Federal District Court New York, Southern District of New York

Violations Alleged

Exchange Act
• Sec 10(b) + Rule 10b-5
• Rule 12b-20
• Sec 13(a)
• Rule 13a-1
• Rule 13a-11
• Rule 13a-13
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)
Securities Act
• Sec 17(a)(1)
• Sec 17(a)(2)
• Sec 17(a)(3)
• Sec 17(a) (Not specified)
Additionally, Jeffrey H. Hastings is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Brent N. Whiteley is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Brian A. Beatty is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Michael J. Scott is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Jeffrey H. Hastings is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Rule 12b-20 of the Exchange Act.
Brent N. Whiteley is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Rule 12b-20 of the Exchange Act.
Brian A. Beatty is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Rule 12b-20 of the Exchange Act.
Michael J. Scott is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Rule 12b-20 of the Exchange Act.
Jeffrey H. Hastings is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Sec 13(a) of the Exchange Act.
Brent N. Whiteley is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Sec 13(a) of the Exchange Act.
Brian A. Beatty is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Sec 13(a) of the Exchange Act.
Michael J. Scott is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Sec 13(a) of the Exchange Act.
Jeffrey H. Hastings is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Rule 13a-1 of the Exchange Act.
Brent N. Whiteley is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Rule 13a-1 of the Exchange Act.
Brian A. Beatty is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Rule 13a-1 of the Exchange Act.
Michael J. Scott is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Rule 13a-1 of the Exchange Act.
Jeffrey H. Hastings is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Rule 13a-11 of the Exchange Act.
Brent N. Whiteley is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Rule 13a-11 of the Exchange Act.
Brian A. Beatty is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Rule 13a-11 of the Exchange Act.
Michael J. Scott is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Rule 13a-11 of the Exchange Act.
Jeffrey H. Hastings is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Rule 13a-13 of the Exchange Act.
Brent N. Whiteley is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Rule 13a-13 of the Exchange Act.
Brian A. Beatty is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Rule 13a-13 of the Exchange Act.
Michael J. Scott is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Rule 13a-13 of the Exchange Act.
Jeffrey H. Hastings is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Sec 13(b)(2)(A) of the Exchange Act.
Brent N. Whiteley is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Sec 13(b)(2)(A) of the Exchange Act.
Brian A. Beatty is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Sec 13(b)(2)(A) of the Exchange Act.
Michael J. Scott is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Sec 13(b)(2)(A) of the Exchange Act.
Jeffrey H. Hastings is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Sec 13(b)(2)(B) of the Exchange Act.
Brent N. Whiteley is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Sec 13(b)(2)(B) of the Exchange Act.
Brian A. Beatty is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Sec 13(b)(2)(B) of the Exchange Act.
Michael J. Scott is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Sec 13(b)(2)(B) of the Exchange Act.
Jeffrey H. Hastings is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Sec 17(a)(1) of the Securities Act.
Brent N. Whiteley is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Sec 17(a)(1) of the Securities Act.
Brian A. Beatty is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Sec 17(a)(1) of the Securities Act.
Michael J. Scott is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Sec 17(a)(1) of the Securities Act.
Jeffrey H. Hastings is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Sec 17(a)(2) of the Securities Act.
Brent N. Whiteley is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Sec 17(a)(2) of the Securities Act.
Brian A. Beatty is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Sec 17(a)(2) of the Securities Act.
Michael J. Scott is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Sec 17(a)(2) of the Securities Act.
Jeffrey H. Hastings is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Sec 17(a)(3) of the Securities Act.
Brent N. Whiteley is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Sec 17(a)(3) of the Securities Act.
Brian A. Beatty is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Sec 17(a)(3) of the Securities Act.
Michael J. Scott is alleged to have aided and abetted SAExploration Holdings, Inc.'s violation of Sec 17(a)(3) of the Securities Act.

Resolutions

First Resolution Date 17-Dec-2020

Related Documents:

comp24943 08-Oct-2020 Complaint
Complaint
The SEC stated: "This enforcement action arises from an elaborate, four-year-long fraud by Defendant SAExploration Holdings, Inc. ("SAE" or the "Company") and four former senior SAE executives, Jeffrey H. Hastings (former Chief Executive Officer and Chairman of SAE's Board of Directors), Brent N. Whiteley (former Chief Financial Officer and General Counsel), Brian A. Beatty (former Chief Operations Officer and, prior to that, Chief Executive Officer), and Michael J. Scott (former Executive Vice President of Operations) . . . From as early as February 2015 through August 2019 (the "Relevant Period"), SAE and Hastings, Whiteley, Beatty, and Scott (the "SAE Executives"), devised and carried out a fraud to improperly recognize approximately $100 million of revenue from transactions with a purportedly legitimate and unrelated customer, Alaskan Seismic Ventures, LLC ("ASV"). In truth, however, ASV was created by the SAE Executives and controlled by Hastings and Whiteley."
2020-251 08-Oct-2020 Press Release--Civil Action
SEC Charges Seismic Data Company, Former Executives With $100 Million Accounting Fraud
The SEC stated that: "[It] charged Houston-based seismic datacompany, SAExploration Holdings Inc. (SAE), and four former executives for a multi-year accounting fraud that falsely inflated the company’s revenue by approximately $100 million and concealed the theft of millions of dollars by the executives. SAE issued restated financial statements in February and declared bankruptcy in August."
LR-24943 09-Oct-2020 Litigation Release
SEC Charges Seismic Data Company, Former Executives with $100 Million Accounting Fraud
The SEC stated: "On October 8, 2020, the Securities and Exchange Commission charged Houston-based seismic data company, SAExploration Holdings Inc. (SAE), and four former executives for a multi-year accounting fraud that falsely inflated the company's revenue by approximately $100 million and concealed the theft of millions of dollars by the executives. SAE issued restated financial statements in February and declared bankruptcy in August."
court_doc44_20-cv-08423 17-Dec-2020 Court Docket Document
Final Judgment as to Defendant SAExploration Holdings, Inc.
On December 17, 2020, the Court issued a final judgment as to Defendant SaExploration Holdings, Inc., stating: "Defendant . . . consented to the Court’s jurisdiction over Defendant and the subject matter of this action; consented to entry of this Final Judgment without admitting or denying the allegations of the Complaint (except as to jurisdiction); waived findings of fact and conclusions of law; and waived any right to appeal from this Final Judgment."
LR-24988 18-Dec-2020 Litigation Release
SEC Obtains Final Judgment Against Seismic Data Company
The SEC stated that: "On December 17, 2020, the U.S. District Court for the Southern District of New York entered a final consent judgment against SAExploration Holdings, Inc. (SAE), a Houston-based seismic data company, in connection with SAE's involvement in an accounting fraud that falsely inflated the company's revenue by approximately $100 million."

Other Defendants in Action:

Jeffrey H. Hastings
Brent N. Whiteley
Brian A. Beatty
Michael J. Scott
Thomas W. O'Neil
Lori E. Hastings

Related Actions:

In the Matter of Brent Whiteley, Esq.
Brent N. Whiteley