Federal government seizes records from Ohio utilities related to bailout and corruption scandals

American Electric Power states that it is fully cooperating with the SEC subpoena.

Columbus, Ohio — Ohio utilities are cooperating on Tuesday with a federal summons seeking records related to large-scale relief to coal and nuclear power plants, which are currently the focus of public corruption charges. Was announced.

American Electric Power — Cooperative’s largest shareholder with two coal-fired power plants Estimated $ 700 million by bailout method — He said he was “fully cooperating” with a subpoena from the US Securities and Exchange Commission.

“AEP recently received a subpoena from the Securities and Exchange Commission’s Executive Department (SEC) and asked for a variety of documents, including documents regarding the benefits to the company from passing HB 6 and documents regarding our financial processes and controls. The company said in statement..

Relation: Bipartisan efforts to expel former speakers accused in Ohio begin

Former Speaker of the House Larry Householder, his political strategist Jeff Longstress, lobbyist Neil Clarke, Matt Borges, Juan Cespedes Indicted last summer.. Longstress and Cespedes pleaded guilty. Borges and householders remain innocent.

Men are another utility, FirstEnergyCorp, through Generation Now, a dark money nonprofit that doesn’t need to disclose funding sources. Was accused of receiving $ 61 million from. They then used the money to select a slate of candidates to vote for householders as speakers, and then passed FirstEnergy through an estimated $ 1.3 billion worth of Housebuilding 6. They have also been accused of spending money on bribes to block ballot referendum efforts and personally enrich themselves.

FirstEnergy has not been charged with the crime, but has told investors that it is discussing what is known as a “deferred prosecution agreement” with the prosecutor. AEP has not been charged with crime and said participation in the legislative process is “always legal and ethical.”

Relation: Law Approved to Eliminate Ohio Nuclear Power Plant Relief

Federal prosecutors focused primarily on paying for FirstEnergy and its Generation Now. It states that Householders secretly managed it and effectively acted as a means of bribery.Current generation Convicted of extortion in connection with the passage of HB6 During February.

Empowering Ohio’s Economic, another non-profit organization funded solely by AEP, also donated at least $ 700,000 to Generation Now between 2017 and 2019, according to tax records. According to campaign records, AEP’s corporate PAC is Ohio’s leading Republican donor. Many lawmakers returned AEP contributions after the landlord scandal..

HB 6 expanded and expanded its payer-funded relief from Ohio Valley Electric Corporation, which was established in 1952 to operate coal-fired power plants in Ohio and India, along with nuclear bailouts. These plants were powering the now closed uranium enrichment facility for the federal government in Piketon.

Read more from the Ohio Capital Journal

In 2020 alone, payers paid OVEC $ 114 million to make up for the loss, according to a spokesman for the Ohio Public Utility Commission.

AEP is OVEC Largest shareholder Equity of about 43% is followed by Buckeye Power (18%), Duke Energy (9%) and Dayton Power and Light Company (4.9%).

According to the report, at least four individual proceedings have been filed against AEP by shareholders in connection with the passage of HB 6. March submission to SEC.. AEP said it could not continue to defend against these claims and identify the extent of potential losses that could “reasonably occur.”

Both Buckeye Power and Duke spokesmen said they had not received any subpoenas related to HB6. The voice mail for media inquiries to Dayton Power was full.

Federal government seizes records from Ohio utilities related to bailout and corruption scandals

Source link Federal government seizes records from Ohio utilities related to bailout and corruption scandals

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