SAEXPLORATION HOLDINGS REVIEW
This complaint was posted on NAS on 6th Jan, 2021 and is a permanent record located here: https://www.nameandshame.com/saexploration-holdings-5YCWB/100-million-fraud-id5ydq5 .
The $100 Million Fraud?
Today, The Smart Investor Feed brings you another morally reprehensible fraud.
SAExploration Holdings has been seized/arrested by the U.S. Securities And Exchange Commission (SEC). Shocking right?
We weren’t expecting this as well, but these scammers are getting smarter by the minute, making it harder for us to identify.
Such swindlers seem to be booming in numbers lately. This case is kind of interesting, why don’t I show you why:
Full Report On SAExploration Holdings
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.
The SEC's complaint, filed on October 8, 2020, alleges that beginning in 2015, four former SAE executives engaged in conduct that led SAE to report artificially and materially inflated revenue in connection with a purportedly unrelated customer that was in fact controlled by two of the former executives. The complaint further alleges that the former executives misappropriated millions of dollars from SAE. The SEC charged SAE and the four former executives with violating the antifraud, books and records, and internal accounting controls provisions of the federal securities laws.
Without admitting or denying the allegations, SAE consented to the entry of final judgment enjoining it from violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder; the reporting provisions of Section 13(a) of the Exchange Act and Rules 12b-20, 13a-1, 13a-11, and 13a-13 thereunder; and the books and records and internal accounting controls provisions of Sections 13(b)(2)(A) and 13(b)(2)(B) of the Exchange Act. The litigation against the former executives is ongoing.
In reaching this resolution, the SEC acknowledges remedial acts undertaken by SAE and cooperation afforded the SEC from August 2019 to the present after a special committee of SAE's Board of Directors conducted an independent investigation. SAE's remediation and cooperation included removing the former executives engaged in the misconduct at issue, implementing enhancements to its internal policies and procedures, and timely providing SEC staff with facts developed during the internal investigation.
Conclusion: SAExploration Holdings Is A Fraud
The report on SEC clearly suggests that SAExploration Holdings never had any intentions to do honest business or provide helpful services. Main intention behind all their actions was to take advantage of the honesty & gullibility of people and scam them. It would be an understatement to call this a mere fraud, this one is a scandal.
If you feel like you are a victim of this scam, then I recommend contacting a law firm and consulting with them about a lawsuit. Companies & firms pay huge reprimands to settle serious lawsuits.
Help Us Fight These Criminals
Do you have evidence against SAExploration Holdings or one of their associates, then please post it here. These criminals rely on their witnesses’ & victims’ silence, if you speak up, then they get exposed and punished for their horrific acts. I started The Smart Investor Feed on this site with only one purpose; to become a nightmare for the financial frauds in the country. I try to post often, so you can bookmark my profile for regular updates on frauds & con-artists.
Full Disclosure: We sourced this piece of information from the SEC database