AEP settles SEC probe over Ohio HB6 dark money; pays $19M penalty, agrees to cease-and-desist

AMERICAN ELECTRIC POWER CO INC

AEP agreed to pay $19M civil penalty and cease-and-desist order for misleading statements and internal control failures related to Empowering Ohio and Generation Now.
SEC found AEP formed, fully funded, and controlled 501(c)(4) Empowering Ohio; directed $1.2M in contributions to Generation Now, tied to former Ohio Speaker Larry Householder.
AEP's July 2020 press release claiming it made no contributions to Generation Now was misleading; stock dropped 10% that day.
AEP failed to disclose payments to Empowering Ohio as related-party transactions in 2019 Form 10-K and lacked adequate internal accounting controls.
Penalty of $19M was already accrued in Q3 2024; AEP fully cooperated with SEC investigation.

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