- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-09-29T18:41:00
Electric utility company Exelon and its subsidiary Commonwealth Edison agreed to pay $46.2 million as part of a settlement with the Securities and Exchange Commission (SEC) related to their Illinois bribery and lobbying scandal that previously earned ComEd a deferred prosecution agreement (DPA) with the Department of Justice (DOJ).
Exelon and ComEd were charged with fraud by the SEC for corruptly influencing former Illinois House Speaker Michael Madigan, which the companies admitted to in agreeing to pay $200 million as part of their settlement with the DOJ in 2020. The purpose of the bribes, which occurred between 2011 through 2019, was to influence and reward Madigan’s efforts to assist ComEd regarding legislation concerning the company and its business.
Exelon and ComEd violated securities laws by failing to keep books, records, and accounts that accurately and fairly reflected transactions and dispositions of assets, according to the SEC’s order filed Thursday. The agency added the companies failed to devise and maintain a system of internal accounting controls sufficient to provide reasonable assurances that assets were used and transactions executed in a manner consistent with their policies.
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Clear Channel Outdoor Holdings agreed to pay more than $26 million as part of a settlement with the Securities and Exchange Commission alleging its former China-based subsidiary bribed government officials to obtain outdoor advertising contracts.
An Illinois-based subsidiary of AT&T will pay $23 million and revamp its ethics and compliance program following a criminal investigation into bribes the company paid attempting to influence the Illinois state legislature.
Commonwealth Edison will pay a $200 million fine as part of a deferred prosecution agreement with the Department of Justice to resolve a criminal investigation into a years-long bribery scheme concerning lobbying practices in Illinois.
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