SEC Obtains Final Judgments Against Mining Company and Executives

The Securities and Exchange Commission (SEC) has secured final judgments by consent against Western Sierra Resource Corporation, CEO Roger Johnson, and CFO Dennis Atkins. The enforcement action, filed in the U.S. District Court for the District of Colorado (No. 1:24-cv-01705), alleged that the defendants made materially false and misleading statements concerning the company's purported acquisition of gold mining claims worth billions of dollars. The final judgments enjoin the defendants from violating antifraud provisions of the Securities Exchange Act of 1934.

Without admitting or denying the allegations, Western Sierra, Johnson, and Atkins have consented to the judgments. Johnson and Atkins will each pay a $150,000 civil penalty, be subject to a three-year officer-and-director bar, and a five-year penny-stock bar. This action serves as a reminder to public companies and their executives about the severe consequences of misrepresenting material information, particularly concerning asset acquisitions and financial reporting, and the potential for significant penalties and bars from serving in corporate roles.