FirstEnergy’s actions deceived investors, according to the SEC, as the company concealed vital information about their involvement in a significant political corruption scheme, leading to a substantial $100 million penalty.
The SEC highlighted that misrepresentations made by FirstEnergy’s former CEO to investors included critical omissions during public disclosures, directly violating antifraud provisions.
The bribery scandal involves FirstEnergy’s attempts to persuade Ohio lawmakers for a billion-dollar bailout for its nuclear plants, framing it as a significant part of the investigation.
Following the settlement with state prosecutors, FirstEnergy expressed satisfaction with reaching an agreement with the SEC, emphasizing the urgency in addressing the penalties within the specified timeframe.
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