Two former FirstEnergy executives, Charles E. Jones and Michael Dowling, have been indicted by a federal grand jury on charges of participating in a racketeering conspiracy. The indictment alleges that they used bribery, money laundering, and obstruction to increase the company’s stock price and enrich themselves. Both men held senior positions at the company, with their compensation tied to FirstEnergy’s stock prices.
The indictment also states that Jones and Dowling were involved in schemes to bribe former Ohio House Representative Larry Householder and former PUCO Chairman Samuel Randazzo. FirstEnergy allegedly paid nearly $60 million to an organization controlled by Householder to secure support for a billion-dollar nuclear plant bailout.
Randazzo, who resigned as PUCO chairman in November 2020, was accused of receiving over $4.3 million from an energy company to provide favorable actions through PUCO proceedings. He was later indicted on multiple charges and died by suicide.
In light of the scandal, FirstEnergy was ordered to pay a $100 million civil penalty and entered into a $20 million deal with state prosecutors to avoid criminal charges. Jones and Dowling are facing up to 20 years in prison and are set to appear in court in Cincinnati. This case sheds light on corruption within the utility industry and the impact of bribery schemes on public policy and decision-making.
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