Mining Co. To Pay SEC $8.5M After Duping Investors

By Sophia Morris (August 4, 2017, 9:10 PM EDT) -- The U.S. Securities and Exchange Commission asked a Florida federal court on Friday to sign off on a final judgment against a mining company and two of its executives after the company agreed to pay more than $8.5 million to settle allegations that it misled investors in a Mexican silver mine.

Florida-based Hidalgo Mining Corp., its president John W. Boyer and vice-president Joshua F. McAlees allegedly misrepresented the benefits shareholders could expect to receive from investing in a silver mine outside of Mexico City. The SEC asserts that Boyer and McAlees made personal guarantees on investments which they could not fulfill...

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