Oil Services Co. Settles SEC’s $141M Fraud Claims

Regulation360 (November 5, 2020, 5:37 PM EST) — Bankrupt oilfield companies firm SAExploration Holdings Inc. on Thursday agreed to settle claims from the U.S. Securities and Change Fee that the corporate and its former executives dedicated fraud, together with by inflating its income by $141 million.

The Oct. eight grievance alleges that since 2015, SAE’s former executives inflated the corporate’s income, deceptive shareholders in regards to the firm’s monetary well being and artificially inflating its inventory.

The settlement — which solely applies to the corporate, not the previous executives — does not carry a civil penalty or requirement to disgorge funds, however restrains and enjoins SAE from committing violations of associated securities legal guidelines, whereas…

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The post Oil Services Co. Settles SEC’s $141M Fraud Claims appeared first on Correct Success.

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