FirstEnergy indicated Tuesday it expects to soon resolve pending federal and state investigations into the largest bribery scandal in Ohio history.
COLUMBUS, Ohio—FirstEnergy Corp. indicated Tuesday it expects to soon pay nearly $120 million in total to resolve pending federal and state investigations into the company’s role in the House Bill 6 bribery scandal, the largest such scheme in Ohio history.that it has set aside $100 million to resolve a U.S. Sec urities and Exchange Commission investigation, as well as an additional $19.
The Akron-based utility has reached an “agreement in principle” with SEC staff to resolve the commission’s investigation, FirstEnergy President and CEO Brian TierneyCompany officials are also currently in “final stages of a resolution” with Yost’s office over the non-prosecution agreement, Tierney said.
The $119.5 million in total anticipated penalties, if paid, would be a little more than half the $230 million the Akron-based utility paid as part ofAs part of that agreement, FirstEnergy admitted to paying more than $60 million in bribes to help pass and preservethat gave massive financial perks to the utility, headlined by a $1 billion-plus ratepayer bailout of two Ohio nuclear power plants then owned by a company subsidiary, FirstEnergy Solutions.
Even if FirstEnergy reaches agreements with the SEC and Yost’s office, it would not affect three other ongoing audits ordered by the PUCO into FirstEnergy’s finances. The findings of each of those audits, which, are set to be released on Aug. 28, Oct. 9 and Feb. 3, 2025, respectively, according to the FirstEnergy report.If you purchase a product or register for an account through a link on our site, we may receive compensation.
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