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SoCalGas faces $10-million fine for fighting climate action A truck leaves SoCalGas'' Aliso Canyon storage facility near L.A.''s Porter Ranch
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According to the plea agreement, Siemens Energy’s conduct resulted in losses of between $65 million and $150 million to the victims of the scheme, and the company faced a criminal penalty range of $104 million to $208 million under the U.S. Sentencing Guidelines. Siemens Energy received the low end of the range.
FirstEnergy President and CEO Brian Tierney said the company is pleased it was able to reach a settlement with the SEC, which said the company has to pay the penalty within 14 days or face interest charges.
The company then agreed to pay $230 million in penalties and to implement a long list of reforms within three years in order to avoid being criminally prosecuted on a federal conspiracy charge. Seewer covers state and national news for The Associated Press and is based in Toledo, Ohio.
This guilty plea comes after several Siemens Energy employees pled guilty to conspiracy to steal trade secrets and other related charges. While DOJ has prosecuted competitors for theft of trade secrets, the size of the criminal resolution against Siemens Energy is notable.
While DOJ has prosecuted competitors for theft of trade secrets, the size of the criminal resolution against Siemens Energy is notable. In a press release, DOJ emphasized its interest in prosecuting conduct that undermined the integrity of the competitive marketplace.
