FirstEnergy Settles $100 Million SEC Penalty for Ohio Bribery Scheme

The utility company was penalized for misleading investors and its role in a $60 million political corruption scandal.

FirstEnergy agreed to a $100 million settlement with the SEC to resolve charges from a bribery scandal involving state politicians.
The Akron-based utility admitted to paying $60 million in bribes for favorable legislation for its nuclear plants.
Several individuals, including politicians and former FirstEnergy executives, have been charged or sentenced in connection with the scheme.
The scandal led to the loss of FirstEnergy's naming rights for the Cleveland Browns' stadium and other reputational damages.
FirstEnergy had previously agreed to pay $230 million in penalties and implement reforms to avoid federal criminal prosecution.