Defendant Name:
Exelon Corporation
Defendant Type:
Public Company
SIC Code:
4911
CUSIP:
30161N10
Document Reference:
33-11248
Document Details
Legal Case Name
In the Matter of Exelon Corporation and Commonwealth Edison Company
Document Name
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
Document Date
28-Sep-2023
Document Format
Administrative Proceeding
AAER
4467
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On September 28, 2023, the SEC instituted settled cease-and-desist proceedings against Exelon Corporation and Commonwealth Edison Company, stating: "These proceedings arise out of violations of the antifraud, books and records, and internal
accounting control provisions of the Securities Act and the Exchange Act by Respondents as a
result of a multi-year scheme by ComEd to corruptly influence and reward Michael Madigan
("Madigan"), the then-Speaker of the Illinois House of Representatives, for his assistance with
respect to legislation affecting ComEd's business. The scheme occurred from around 2011
through 2019 and involved ComEd arranging for various Madigan associates to obtain jobs,
vendor subcontracts, and monetary payments associated with those jobs and vendor subcontracts,
for the benefit of Madigan and Madigan's associates, with the intent to influence and reward
Madigan."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Undertaking: "Respondent Exelon has undertaken to assist the Commission staff in the administration of a distribution plan, including any and all efforts to distribute to affected investors the monetary relief described in paragraph IV below. In connection with such assistance, Respondent Exelon will produce, without service or notice of subpoena, any and all documents and other information reasonably requested by the Commission staff. "
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Fair Funds
Monetary Penalties:
Civil Penalty
Individual:
$46,200,000.00
Shared:
Other Defendants in Action:
