The Securities and Exchange Commission (SEC) has charged Anne Pramaggiore, the former CEO of Commonwealth Edison (ComEd), with fraud in connection to an alleged corruption scheme involving former house speaker Mike Madigan. Meanwhile, ComEd and its parent company Exelon have agreed to settle, paying a penalty of over $46 million. However, the charges against Pramaggiore will proceed.
According to the complaint filed by the SEC, Pramaggiore is accused of participating in and, at times, directing a bribery scheme that involved offering bribes to Madigan in exchange for his support in passing legislation favorable to ComEd. Earlier this year, Pramaggiore, along with the other individuals known as the ComEd Four, was found guilty of federal charges, including conspiracy and bribery.
Madigan, who faces a separate federal racketeering indictment, is scheduled to go to trial in April. ABC7 reached out to Pramaggiore’s team for a statement regarding the new charges, but has not yet received a response.
This latest development adds to the ongoing scandal surrounding ComEd, one of the largest utility companies in the Midwest. The charges against Pramaggiore highlight the extent of the alleged corruption scheme and its impact on the company’s operations. As the former CEO, her involvement raises questions about the company’s governance and oversight.
The settlement reached by ComEd and Exelon reflects their acknowledgement of wrongdoing and their commitment to paying a significant penalty. By doing so, they hope to put this chapter behind them and move forward. However, the charges against Pramaggiore indicate that there may be more individuals involved in the corruption scheme who still need to be held accountable.
The allegations against Madigan, a prominent Illinois politician who held the position of house speaker for decades, have sent shockwaves throughout the state’s political landscape. His trial will undoubtedly be closely watched, as it may bring to light further details about the alleged corruption and its ties to powerful figures in Illinois politics.
This case serves as a reminder of the importance of ethical conduct and the need for transparency in both the public and private sectors. The charges against Pramaggiore and the settlement by ComEd and Exelon demonstrate that actions have consequences, even for high-ranking individuals and corporations.
As the legal proceedings continue, the public will be watching closely to see how justice unfolds and whether it will serve as a deterrent for future acts of corruption. This case has already had significant implications for ComEd and its reputation, and it remains to be seen how it will impact the company’s operations and relationships with its stakeholders moving forward.
In conclusion, the SEC charging the former CEO of ComEd, Anne Pramaggiore, with fraud in connection to an alleged corruption scheme involving Mike Madigan has further intensified the scrutiny surrounding the company. While ComEd and Exelon have settled, Pramaggiore will face the charges. The case continues to shed light on the alleged corruption and its implications for both the public and private sectors. As the trial of Madigan approaches, the outcomes and revelations are eagerly awaited.
