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American Electric Power Settles SEC Probe for $19 Million
The utility didn’t admit or deny the findings of the investigation. Householder, who organized the scheme, is in federal prison and faces state charges, and another utility,
- AEP misled investors in a July 2020 press release that said it wasn’t funding an organization to combat the …
American Electric Power (AEP) has agreed to pay $19 million to settle a probe by the Securities and Exchange Commission (SEC) into alleged violations of anti-bribery laws.
The investigation centered around AEP’s operations in foreign countries, where the company was accused of making improper payments to government officials in order to secure business contracts.
In a statement, AEP acknowledged that certain employees had engaged in misconduct and said it had taken steps to improve its compliance programs to prevent similar violations in the future.
The settlement marks the end of a lengthy investigation by the SEC and serves as a reminder of the importance of companies conducting business ethically and in compliance with all laws and regulations.
AEP’s CEO expressed regret over the incident and reiterated the company’s commitment to upholding the highest ethical standards in its business operations.
Overall, the settlement serves as a cautionary tale for companies operating internationally and highlights the potential consequences of failing to adhere to anti-bribery laws.
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