By Katherine Hamilton
American Electric Power has agreed to pay $19 million to settle allegations it was involved in a corruption scandal.
The Securities and Exchange Commission had subpoenaed AEP over its involvement with Ohio House Bill 6, a piece of legislation that authorized money for companies including AEP's subsidiary formerly known as Ohio Power Company.
In 2020, an Ohio legislator and associates were indicted for an alleged racketeering conspiracy to adopt HB 6. AEP allegedly violated securities laws, including participating in public corruption and contributing to a lobbying nonprofit organization to get the bill passed, AEP said in an SEC filing.
In settling with the SEC, AEP doesn't admit or deny the SEC's findings, it said.
AEP reported in the third quarter of 2024 an accrual of the $19 million, and it was reflected in its earnings results for that period.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
January 17, 2025 10:21 ET (15:21 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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