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By Sabela Ojea
Exelon has agreed to pay the Securities and Exchange Commission a $46.2 million penalty to settle fraud charges related to its business in Illinois.
The federal regulator on Thursday charged Exelon, its subsidiary Commonwealth Edison Company and former Commonwealth Edison Chief Executive Anne Pramaggiore with fraud over a multi-year scheme “to corruptly influence and reward” former Illinois House Speaker Michael Madigan.”
From 2011 through 2019, ComEd allegedly made indirect payments of more than $1.3 million to Madigan’s associates to obtain jobs, subcontracts and monetary payments, all with the intent to influence Madigan regarding legislation favorable to ComEd, the SEC said.
In a deferred prosecution agreement entered into with authorities, ComEd acknowledged that Madigan’s support of legislation favoring ComEd resulted in benefits of than $150 million.
Madigan was voted out in 2022 by the Democratic Party caucus as the longest-serving state house speaker in U.S. history, was indicted by a federal grand jury on charges of racketeering conspiracy, bribery, wire fraud and extortion.
Madigan, then 79 years old, faced a yearslong probe into alleged schemes, including allegations that Commonwealth Edison, Illinois’s largest utility, had handed out jobs and internships to his associates to pass friendly legislation.
Write to Sabela Ojea at [email protected]
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