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Exelon (NASDAQ:EXC), its Commonwealth Edison subsidiary and former ComEd CEO Anne Pramaggiore were charged with fraud in connection with a multi-year scheme to “corruptly influence and reward” former Illinois House Speaker Michael Madigan, the SEC announced Thursday.
Exelon (EXC) and ComEd agreed to pay a $46.2M civil penalty, while the charges against former Pramaggiore will be litigated, the SEC said.
The agency said ComEd made indirect payments totaling more than $1.3M to Madigan’s associates to obtain jobs, subcontracts and monetary payments, all with the intent to influence Madigan regarding legislation favorable to ComEd.
In a deferred prosecution agreement, ComEd acknowledged that Madigan’s support of legislation favoring the company resulted in reasonably foreseeable anticipated benefits to ComEd of more than $150M.
