Mining Company Faked Billion-Dollar Gold Deal: NO GOLD, NO CASH!

SEC v. Western Sierra Resource Corporation, Roger Johnson, Dennis Atkins — U.S. Securities and Exchange Commission Litigation Release No. 26491, dated February 25, 2026.

Western Sierra Resource Corporation, its CEO Roger Johnson, and CFO Dennis Atkins have settled SEC charges for falsely claiming the company bought billions of dollars worth of gold mining claims. The company and its executives misled investors through press releases, filings, and its website about a purported $10 million acquisition of Nevada mining claims that the seller did not actually own. The settlement includes injunctions, civil penalties for the executives, and officer-and-director and penny-stock bars.

In Plain English

Imagine a company, Western Sierra, claimed it bought a huge gold mine for $10 million. They told everyone this in news releases and on their website. But, the company they supposedly bought it from didn't actually own any gold mine. Western Sierra's top bosses, Roger and Dennis, knew this but still told people the deal was real. Now, they've agreed to stop lying to investors and pay fines.

Disclaimer: all facts are drawn from the SEC's own filings; the claims described are allegations unless and until a court rules or the parties settle, and some cases end in dismissal.

How the Alleged Scheme Worked

1. Fabricated Acquisition From June 2021 through at least October 2023, Western Sierra Resource Corporation, led by CEO Roger Johnson and CFO Dennis Atkins, claimed to have acquired an interest in a company that supposedly owned over 640 acres of Bureau of Land Management mining claims in Nevada.
2. False Purchase Price The company, through Johnson and Atkins, stated it paid $10 million for this interest in the company that purportedly owned the mining claims.
3. Misleading Public Statements These claims about the acquisition and its value were disseminated through multiple press releases issued by Western Sierra.
4. False Filings The company also made these false and misleading statements in its quarterly and annual submissions filed with the Over-the-Counter Markets trading platform.
5. Website Deception Western Sierra's official website was also used to propagate the false narrative about the valuable mining claims acquisition.
6. Lack of Ownership However, the SEC's complaint alleged that the company Western Sierra claimed to have acquired an interest in did not actually own any mining claims at all.
7. Non-Existent Payment Furthermore, the complaint stated that Western Sierra, despite its claims, did not actually pay the $10 million for these purported mining claims.

The Enforcement Action

On February 23, 2026, the SEC obtained final judgments by consent against Western Sierra Resource Corporation, its CEO Roger Johnson, and CFO Dennis Atkins. The defendants were charged with making materially false and misleading statements concerning the company's acquisition of gold mining claims. Without admitting or denying the allegations, Western Sierra, Johnson, and Atkins consented to judgments enjoining them from violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5(b). Johnson and Atkins each agreed to pay a $150,000 civil penalty, a three-year officer-and-director bar, and a five-year penny-stock bar.

Named in this action: Western Sierra Resource Corporation, Roger Johnson, Dennis Atkins.

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