(The Center Square) – A former utility boss convicted of public corruption last year is optimistic about her chances of overturning her criminal conviction.
Former Commonwealth Edison CEO Anne Pramaggiore was convicted in May 2023 of bribery-related charges as part of a multi-year scheme to corruptly influence longtime former Illinois House Speaker Michael Madigan in exchange for favorable legislation in Springfield. Prosecutors said that the utility paid out $1.3 million in jobs, contracts and payments to associates of Madigan over eight years.
Pramaggiore has not yet been sentenced in that case and is appealing the criminal conviction. She’s also fighting a civil case filed last year by the U.S. Securities and Exchange Commission. The SEC wants to bar her from serving as an officer or director of a public company, among other civil penalties.
The SEC’s complaint against Pramaggiore alleges she participated in, and in some instances directed, the bribery scheme. The complaint alleges that Pramaggiore did not disclose the bribery scheme and instead misled investors when she characterized ComEd’s lobbying activities as legitimate. The complaint also alleges that, as part of the scheme, Pramaggiore lied to Exelon’s auditors and filed false certifications.
Pramaggiore’s defense team has asked for a stay in the SEC case, citing in part her "strong likelihood of success" in overturning her conviction. Pramaggiore also recently got a reprieve from her sentencing in the federal criminal case while the U.S. Supreme Court takes up a case focused on the federal bribery statute she was convicted of violating.
Attorneys for the SEC have opposed her request for a stay.
"A convicted defendant’s confidence in her prospects on appeal does not create the kind of ‘special circumstances’ that warrant a stay of a parallel civil proceeding. But defendant Anne Pramaggiore’s motion for a stay is far weaker than that of the average such movant. On rare occasions a federal court will stay a civil case – on the off-chance the criminal conviction is thrown out – to protect the defendant’s Fifth Amendment rights," the SEC wrote in its most recent motion. "Here, by contrast, there are no such concerns, since Pramaggiore already testified at her criminal trial. Thus, unlike most such defendants, she needn’t worry about waiving her Fifth Amendment rights. That ship has sailed."
Pramaggiore’s defense team said the SEC has it all wrong. Her team also said a delay in the SEC case won’t harm U.S. investors because she’s unlikely to get a job at a publicly-traded company.
"This is a fantasy. There is no risk in the real world that Ms. Pramaggiore will be hired as an officer or director of a publicly-held company while her conviction following a lengthy, highly publicized criminal trial stands; nor would she seek such a position when she is retired and occupied with ongoing litigation," her defense team argued. "Under the circumstances, there is zero chance that Ms. Pramaggiore will be in a position to make statements to the investing public, at least while any appeal remains pending, and thus a stay poses no risk to the public."
The SEC has yet to respond to Pramaggiore’s latest court filing.
It will be up to a judge to decide if the SEC case should be put on pause while Pramaggiore’s appeal plays out.