December 23, 2009 in Business

Mining company claims settled

Atlas’ former executive fined $50,000

John Stucke The Spokesman-Review

A small North Idaho mining company and a former executive have settled a series of stock fraud allegations brought by the U.S. Securities and Exchange Commission.

Federal investigators accused penny stock firm Atlas Mining Co. and former chairman and chief executive William Jacobson of filing false financial documents and hiding bogus stock sales in order to raise money for the struggling business.

Atlas Mining Co., which changed its name to Applied Minerals Inc. this fall and moved its headquarters from the Silver Valley town of Osburn to New York, said the settlement frees the company from a troubled chapter in …

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