The U.S. Securities and Exchange Commission has opened an investigation into the lobbying activities of Exelon and ComEd, further escalating the companies’ legal troubles shortly after the sudden retirement of Exelon’s top executive.
Exelon and ComEd have already acknowledged receiving two grand jury subpoenas from the U.S. Attorney’s Office in Chicago. One, received Oct. 4, sought records revolving around state Sen. Martin Sandoval.
Now, the companies say they were notified Oct. 22 that the SEC “has also opened an investigation into their lobbying activities.” That could signal an even broader probe.
“Exelon and ComEd have cooperated fully and intend to continue to cooperate fully and expeditiously with the U.S. Attorney’s Office and the SEC,” the companies said in a report filed Thursday with the SEC. “Exelon and ComEd cannot predict the outcome of the subpoenas or the SEC investigation.”
When federal agents on Sept. 24 raided Sandoval’s office at the Capitol Building in Springfield, among the many items they were seeking were “items related to ComEd, Exelon” and any of their employees, including four Exelon officials identified simply as “Exelon Official A,” “Exelon Official B,” “Exelon Official C” and “Exelon Official D.”
The feds were also interested in “any issue supported” by ComEd and Exelon, “including but not limited to rate increases.”
Sandoval’s daughter, Angie, has listed herself online as a senior account manager in government affairs at ComEd.
Exelon then announced that Anne Pramaggiore would be retiring as senior executive vice president and CEO of Exelon Utilities, effective immediately. She previously ran ComEd. Exelon made that announcement Oct. 15, one week before it learned of the SEC investigation.
Now, the companies appear to have been drawn into a series of federal public corruption probes that have so far led to charges against Ald. Edward M. Burke (14th), state Sen. Thomas Cullerton and, most recently, state Rep. Luis Arroyo.