This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

The U.S. Securities and Exchange Commission has won bans and disgorgement orders against Alberta's Michael Scott and Texas's Brent Whiteley for their part in a fraud at seismic data provider SAExploration Holdings Inc. in 2015. The SEC claimed that the men were part of a scheme in which SAExploration reported $100-million in revenue that did not exist. (All figures are in U.S. dollars.) The men also helped misappropriate millions of dollars from the company, the SEC said.

The penalties for the men are contained in proposed judgments filed on Monday, Aug. 12, in federal court in New York. The judgments impose permanent officer and director bans on both men, along with injunctions barring future violations. Mr. Whiteley must pay $8.09-million, while Mr. Scott must pay $261,703. The amounts represent disgorgement of gains, plus interest. The judgments come as part of negotiated settlements, in which the men have agreed to the sanctions to avoid a trial. The judge still must approve the settlements.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS