In the Matter of Ethiopian Electric Power
Admin. Proc. File No. 3-17281
On June 8, 2016, the Commission instituted and simultaneously settled cease-and-desist proceedings against Ethiopian Electric Power, formerly known as Ethiopian Electric Power Corporation ( "Respondent") (the "Order"). The Commission found that, from 2011 to 2014, the Respondent violated federal securities laws by failing to register its bond offering and offered and sold bonds to U.S. residents of Ethiopian descent. The Commission ordered the Respondent to pay a total of $6,448,854.87 in disgorgement and prejudgment interest (collectively, the "Disgorgement Fund"). The Order provides for the Respondent to deposit the Disgorgement Fund into an escrow account, acceptable to Commission staff. The Respondent is responsible for distributing the Disgorgement Fund pursuant to the Order. Tax compliance and any related administrative expenses are the responsibility of the Respondent. The Order requires that the Respondent submits to the Commission staff a final accounting and certification of the disposition of the Disgorgement Fund within 410 days of the Order. See the Commission's order: Release No. 34-10093.
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