Defendant Name:
FirstEnergy Corp.
Defendant Type:
Public Company
SIC Code:
4911
CUSIP:
33793210
Document Reference:
33-11302
Document Details
Legal Case Name
In the Matter of FirstEnergy Corp.
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
12-Sep-2024
Document Format
Administrative Proceeding
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On September 12, 2024, the SEC instituted cease-and-desist proceedings against FirstEnergy Corp., stating: "These proceedings arise out of FirstEnergy’s participation in a multi-year political corruption scheme. Between 2017 and 2020, FirstEnergy and FirstEnergy Solutions (“FES”), through FirstEnergy Service Company, made payments totaling approximately $60 million to Generation Now (“GenNow”) in exchange for specific official action for the benefit of FirstEnergy and FES."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Other Undertakings: "Respondent has undertaken to assist the Commission staff in the administration of a distribution plan, including any and all efforts to distribute to any affected investors the monetary relief described in Section IV below. In connection with such assistance, Respondent 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:
$100,000,000.00
Shared:
