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US SEC says Exelon settles fraud charges related to political corruption scheme

Reuters
·1 min read

WASHINGTON, Sept 28 (Reuters) - The U.S. Securities and Exchange Commission on Thursday settled fraud charges over a political corruption scheme against Exelon Corp and its unit Commonwealth Edison Company (ComEd).

Exelon and ComEd agreed to settle the charges, with Exelon paying a civil penalty of $46.2 million while the charges against former ComEd CEO Anne Pramaggiore will be litigated, the SEC said in a statement.

The charges were related to fraud in connection with a multi-year scheme to corruptly influence and reward then-Speaker of the Illinois House of Representatives Michael Madigan.

(Reporting by Kanishka Singh in Washington Editing by Chris Reese)