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Former FPL Chief Earned Millions in Stock Sale During Company’s Political Scandal, Lawsuit Alleges – Miami Herald


Former Florida Power & Light (FPL) head, Eric Silagy, reportedly made millions in stock sales just before the company was embroiled in a political scandal. According to a lawsuit filed by investors, Silagy offloaded company shares worth $10.9 million in 2018, just before FPL’s parent company, NextEra Energy, faced backlash over political donations.

The lawsuit alleges that Silagy, who had been FPL’s CEO for almost a decade, took advantage of insider information to unload his stock before the scandal became public knowledge. The timing of his stock sales suggests that he may have been aware of the brewing controversy and decided to cash out before the company’s reputation took a hit.

In response to the lawsuit, Silagy’s attorney has denied any wrongdoing, stating that the stock sales were part of a prearranged trading plan aimed at diversifying his portfolio. The attorney also mentioned that Silagy had not been involved in any decision-making regarding political contributions made by FPL.

This latest development adds another layer of controversy to FPL’s already tarnished image. The company, which is one of the largest electric utilities in the U.S., has been criticized for its close ties to politicians and its influence over state politics. The lawsuit against Silagy raises questions about the integrity of the company’s leadership and its commitment to transparency and ethical conduct.

As the legal battle unfolds, investors and stakeholders will be closely watching to see how FPL and NextEra Energy respond to these allegations. The outcome of the lawsuit could have far-reaching implications for the reputation of both companies and their leadership. Stay tuned for updates as this story continues to develop.

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Photo credit www.miamiherald.com

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