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Rio Tinto, former top executives, charged with fraud - U.S. SEC

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Rio Tinto, former top executives, charged with fraud - U.S. SEC

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WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission said it charged mining company Rio Tinto Plc <RIO.L> and two of its former top executives on Tuesday with fraud for inflating the value of coal assets acquired for $3.7 billion (2.81 billion pounds) and sold a few years later for $50 million. The SEC complaint, filed in federal court in Manhattan, alleges that Rio Tinto, its former chief executive Thomas Albanese, and its former chief financial officer Guy Elliott failed to follow accounting standards and company policies to accurately value and record its assets.

(Reporting by Eric Walsh; Editing by Mohammad Zargham)
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