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# Other

# SEC v. Hidalgo Mining Corp., et al. Case No. 17-cv-80916

                            Oct. 7, 2022                       

On August 4, 2017, the Commission filed a complaint (the “Complaint”) against Hidalgo Mining Corp. (“Hidalgo”), John W. Boyer (“Boyer”) and Joshua F. McAlees (“McAlees”) (collectively, the “Defendants”). In the Complaint, the Commission alleged that, from at least 2009 to March of 2013, the Defendants raised approximately $10.35 million from about 85 investors nationwide and violated securities laws by engaging in an unregistered offering of securities in the form of investment contracts. See the Commission’s Complaint. 

Hidalgo was ordered to pay a total of $8,576,887 in disgorgement, prejudgment interest, and civil penalties. McAlees was ordered, and has paid total of $53,381 in disgorgement, prejudgment interest, and civil penalties. Boyer was ordered, and has paid a total of $59,251 in disgorgement, prejudgment interest, and civil penalties. In each of the Defendants’ final judgments, the Commission was ordered to hold the funds, together with any interest and income earned thereon (the “Fund”), pending further order of the Court. See Hidalgo’s, McAlees’s and Boyer’s Final Judgments.

The Fund consists of the $112,632 collected from Boyer and McAlees, and any future funds paid Hidalgo pursuant to its judgment will be added to the Fund.

On October 26, 2020, the Court an entered an Order Appointing a Tax Administrator and Authorizing Payment of Tax Related Fees, Expenses, and Obligations. See the Court’s Order. 

On December 28, 2021, the Court entered an Order Establishing a Fair Fund pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, so the penalties paid, along with the disgorgement and prejudgment interest, can be distributed to investors harmed by the Defendants’ conduct described in the Complaint. The Court also approved the Commission’s Distribution Plan. See the Court’s Order and the approved Plan.

For more information, please contact the Commission:

Office of DistributionsEmail: ENFOfficeofDistributions@sec.gov

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