Defendant Name: Portland General Electric Company

Defendant Type: Public Company

Document Reference: 34-100917-s

Document Details

Legal Case Name In the Matter of Portland General Electric Company
Document Name SEC Charges Oregon-Based Utility Company with Internal Accounting and Disclosure Controls Violations that Existed Before $127 Million Trading Losses
Document Date 04-Sep-2024
Document Format Administrative Proceeding
File Number 3-22065
Allegation Type Issuer Reporting and Disclosure
Document Summary On September 4, 2024, the SEC "announced settled charges against Portland General Electric Company, a publicly-traded regulated utility company in Oregon, for having deficient internal accounting controls and books and records prior to booking $127 million in derivatives trading losses in August 2020. The company was also charged for having deficient disclosure controls surrounding the market-risk disclosures called for by Item 305 of Regulation S-K."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution

Related Documents:

34-100917 04-Sep-2024 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On September 4, 2024, the SEC instituted settled cease-and-desist proceedings against Portland General Electric Company, stating: "These proceedings arise from the failure of Portland General Electric Company, a publicly-traded regional utility company based in Oregon, to devise and maintain a system of internal accounting controls sufficient to reasonably assure that Respondent’s derivatives and regulatory accounting transactions were recorded as necessary to permit preparation of its financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) or to maintain accountability for its assets. Relatedly, Respondent’s books and records did not accurately and fairly reflect its regulatory assets. Respondent also lacked disclosure controls and procedures to ensure that information required to be disclosed by Regulation S-K was captured and assessed by management and disclosure personnel."