SEC joins federal authorities investigating ComEd and Exelon
ComEd and parent company Exelon Utilities are facing more scrutiny from federal authorities, this time the Securities and Exchange Commission.
The companies already have been hit with federal grand jury subpoenas over their lobbying activities. Now the companies report in their new quarterly filing that the SEC also is looking into lobbying activities and they are cooperating with the probe.
Exelon Utilities CEO Anne Pramaggiore retired abruptly two weeks ago; a week later, she decided to step down early as chair of the Federal Reserve Bank of Chicago.
A source with knowledge of the case in Chicago has told the Tribune that Pramaggiore is one focus of the ongoing federal investigation. ComEd disclosed in June that the company and Exelon had received a federal grand jury subpoena “requiring production of information concerning their lobbying activities” in Illinois. An October subpoena sought “communications” between the companies and state Sen. Martin Sandoval, a Chicago Democrat whose Capitol office was raided last month.
The ComEd lobbying investigation dates to at least mid-May, when the FBI executed search warrants at the homes of former lobbyist Mike McClain of Quincy, a longtime confidant of House Speaker Michael Madigan, and of former 23rd Ward Ald. Michael Zalewski.
The information sought by the FBI included records of communications among Madigan, McClain and Zalewski about attempts to obtain ComEd lobbying work for Zalewski, the Tribune has reported.
In Springfield this week, Madigan said: “I’m not a target of anything.” He called for a review and strengthening of lobbying laws.