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
-
News BriefDOJ targets $14.6B in health care fraud with focus on transnational crime
Emerging enforcement priorities of the U.S. Department of Justice’s health care fraud division align with the Trump administration’s emphasis on prosecuting transnational criminal organizations and ending opioid trafficking.
-
News BriefFTC raises antitrust concerns over $1.57B Circle K deal, orders divestitures
Since President Donald Trump took office, the U.S. Federal Trade Commission has yet to keep up the level of enforcement it had under previous chair Lina Khan. The agency, however, returned to antitrust action in the case of fuel stations, just in time for the July 4th holiday.
-
News BriefJudge reinstates fired CPSC commissioners in latest battle over government cuts
In May, three commissioners for the Consumer Product Safety Commission were abruptly fired by President Donald Trump and sued for their jobs shortly after. A federal judge has ruled that the commissioners should be reinstated, although it’s unclear whether that ruling may itself be reversed.