SEC Drops Civil Action Against Former Rio Tinto CFO in Coal Assets Case

Dow Jones01-10

By Katherine Hamilton

The Securities and Exchange Commission said Friday it dismissed with prejudice its civil enforcement action against Rio Tinto's former Chief Financial Officer Guy Elliott was involved in inflating coal assets.

The regulator in 2017 charged the mining company, along with Elliott and former Chief Executive Thomas Albanese, with fraud for inflating coal assets, which it acquired for $3.7 billion and sold a few years later for $50 million.

The SEC alleged Rio Tinto and two executives failed to follow accounting standards to accurately value its assets. They also sought to hide or delay disclosure of problems with the assets, the SEC said.

In 2023, Rio Tinto consented to the entry of a final judgement with the SEC without admitting to or denying the allegations. The final judgement ordered the company to pay a civil penalty of $28 million and required it to retain a consultant to review compliance with accounting standards.

Albanese consented to pay a penalty of $50,000, while litigation against Elliott continued after the 2023 judgement.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

January 09, 2026 18:13 ET (23:13 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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