The U.S. perpetrator of an accounting fraud at a Canadian oil services firm, Poseidon Concepts Corp., has been sentenced to jail time and ordered to pay over US$400 million in restitution.<\/p>\n
Last October, the former executive vice-president of U.S. operations at Calgary-based Poseidon Concepts, Joseph Kostelecky, 61, pled guilty to securities fraud and wire fraud<\/a> for causing the company to overstate revenues by approximately US$100 million in 2011 and 2012.<\/p>\n
Previously, he was sanctioned by the Alberta Securities Commission<\/a> and the U.S. Securities and Exchange Commission.<\/p>\n