The SEC today settled charges against an Idaho mining company and its former chairman for improperly financing their struggling operations through the illegal distribution of millions of shares of stock to investors.
According to the SEC, Atlas Mining Company, a publicly-traded company, and former CEO, Chairman and President William Jacobson, used various means to sell stock in contravention of the federal securities laws, and concealed the improper sales by filing false documents with the SEC.
Without admitting or denying the Commission’s allegations, Jacobson consented to settle the charges and agreed to a permanent injunction against future violations of the federal securities laws, a $50,000 penalty, an order barring him from serving as an officer or director of any issuer for a period of five years, and an order barring him from participating in any offering of penny stock for a period of five years.