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- 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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News and analysis for the well-informed compliance or audit exec.
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Our lowest price ($1 per day) for one year.
2023-09-28T20:59:00Z By Kyle Brasseur
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.
2022-10-17T18:10:00Z By Aaron Nicodemus
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.
2020-07-20T16:51:00Z By Jaclyn Jaeger
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.
2024-07-02T20:35:00Z By Adrianne Appel
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
2024-07-02T14:42:00Z By Adrianne Appel
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
2024-07-02T13:50:00Z By Aaron Nicodemus
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.
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