Rio Tinto to pay $28M in SEC fraud case
By 
Kyle Brasseur2023-11-21T21:13:00
Rio Tinto consented to pay a $28 million fine to resolve charges levied by the Securities and Exchange Commission (SEC) alleging the mining company and its executives committed fraud by inflating the value of coal assets.
The U.S. District Court for the Southern District of New York entered final judgments against Rio Tinto plc and Rio Tinto Limited on Monday, the SEC announced in a litigation release.
In October 2017, the SEC charged Rio Tinto, former Chief Executive Thomas Albanese, and former Chief Financial Officer Guy Elliott with violating the antifraud, reporting, books and records, and internal controls provisions of the federal securities laws. Albanese will pay a $50,000 penalty as part of his judgement, while the case against Elliott remains ongoing.
Related articles
-
News BriefFirm, two execs fined, including ex-CCO, for misappropriating $220K, SEC alleges
Two executives at New York-based Momentum Advisors, including the firm’s chief compliance officer, allegedly misappropriated more than $220,000, the Securities and Exchange Commission said.
-
PremiumSCOTUS decision upends in-house tribunals in SEC fraud cases
The Supreme Court of the United States ruled that the Securities and Exchange Commission’s practice of using in-house tribunals overseen by an administrative judge to adjudicate securities fraud cases is unconstitutional.
-
News BriefFAT Brands on defense over DOJ, SEC accounting misconduct allegations
Restaurant operator FAT Brands said it would contest charges announced by the Department of Justice regarding violations of the Sarbanes-Oxley Act related to personal loans made to executive officers.
More from Regulatory Enforcement
-
ArticleJPMorgan Chase pays $330M to settle Malaysian fund allegations
JPMorgan Chase has agreed to pay $330 million to settle allegations about its role in the massive, decades-long theft of Malaysian’s 1MDB state investment fund, the bank says. An estimated $4.5 billion was robbed from the 1MDB fund, from 2009-2014, in a scheme led by Malaysian financier, Jho Low, former ...
-
ArticleOCC lifts AML consent order on Anchorage Digital
Crypto platform Anchorage Digital has been freed of a consent order originally issued by the Treasury Department for anti-money laundering failures.
-
News BriefDOJ charges California fintech executives in $248M fraud involving falsified documents
The co-founders of a California financial tech and sustainability services company defrauded investors and lenders of $248 million, according to the Department of Justice.