SEC v. Emerald Isle Exploration, Ltd. and Samuell Eads and Lloyd C. Brewer (undisclosed control blocks, 2017)

Settled

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In May 2017 the SEC settled with Emerald Isle Exploration, its CEO Samuell Eads and its undisclosed controller Lloyd Brewer over a fraudulent offering that hid Brewer's control and funding. Eads pays a $10,000 penalty and Brewer $20,000. No insider trading is alleged.

The record

What was ordered

Civil penalty

$30k

Disgorgement

—

Prejudgment interest

—

Total relief

$30k

Alleged gain

—

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The Securities and Exchange Commission issued the order on May 12, 2017.

The order finds that Brewer, who funded and controlled the Alaska-based exploration company without disclosure, and Eads misled investors about the company's backing and fabricated documents suggesting twenty-eight outside investors when Brewer supplied all the money.

Eads is barred from serving as an officer or director and from penny stock offerings and pays $10,000; Brewer pays $20,000. The insider-trading tag came from a mention of Brewer's 2003 British Columbia insider-trading settlement and has been removed.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Undisclosed control blocks — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2017-05-12 Administrative proceeding instituted (cease-and-desist)

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEC order

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added September 10, 2026. submit a correction.