SAExploration Ex-CEO Jeffrey Hastings Indicted for Fraud (1)

The former chief executive officer of SAExploration Holdings Inc., a provider of seismic data used by the oil and gas industry, was charged in New York with fraud in an alleged scheme to inflate the company’s reported revenue.

Jeffrey Hastings, 62, was charged with securities fraud, wire fraud and conspiracy, according to an indictment unsealed Thursday in Manhattan federal court. He was arrested Sept. 11 in Anchorage, Alaska.

Read More: SAExploration Plunges on SEC Accounting Probe; CEO Suspended

Hastings and others used phony numbers to make the Houston-based company appear to be more profitable than it was, using a ...