SEC Charges Exelon Corporation, ComEd and Anne Pramaggiore with Fraud Involving Bribery Scheme

The SEC today charged Exelon Corporation, its subsidiary Commonwealth Edison Company (ComEd), and former ComEd CEO Anne Pramaggiore with fraud for their involvement in a years-long scheme to bribe and influence then-Speaker of the Illinois House of Representatives Michael Madigan. As part of the scheme, ComEd arranged for Madigan's associates to obtain jobs, subcontracts, and payments with the intent to gain Madigan's favor. ComEd acknowledged that these bribes ended up giving ComEd benefits beyond $150 million. In order to avoid criminal prosecution, Exelon agreed to pay a civil penalty of $46.2 million. Pramaggiore will face civil claims alleging she violated antifraud laws and misled investors by denying knowledge of the bribery scheme. The SEC is seeking permanent injunctive relief, disgorgement, a civil penalty, and an officer and director bar against Pramaggiore.