A former executive of U.S. operations at Canadian oil services company Poseidon Concepts was sentenced Monday to three years in prison and ordered to pay approximately $406.2 million in restitution for perpetrating a scheme to fraudulently inflate the company’s reported revenue.

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Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...