American Electric Gets Subpoena from SEC
American Electric Power Co., the biggest U.S. electricity producer, said it received a subpoena from the Securities and Exchange Commission as part of a probe of energy trading.
The subpoena follows an informal request for information in August about so-called wash trades, American Electric said. The Columbus, Ohio, company denied conducting wash trades, which involve the purchase of electricity or natural gas that is immediately sold back at the same price and quantity. Such transactions were used by some utility owners and energy suppliers to inflate revenue.
The announcement of the subpoena was made after the close of regular U.S. stock trading. Shares of American Electric rose 53 cents, or 2.3%, to $23.38 on the NYSE.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
