Like wild mushrooms after a warm summer rain, and undaunted by the COVIDs, the fraudsters, the grifters, and the “the spawn of the Devil’s own strumpet”* were prolific before meeting the wrath of the courts and the regulators in 2021. This year features several potential lifetime achievement awards for recidivism.

Corruption Goes Nuclear

Perps: Former Ohio Speaker of the House Larry Householder and utility First Energy, beneficiary of a $1.3 billion state bailout of the state’s nuclear energy industry.

Crime: Householder was indicted on racketeering and conspiracy charges for taking bribes from FirstEnergy. Others were charged for crimes.

How they did it: The utility paid $56.6 million to an outfit called Generation Now who allegedly siphoned it off to Householder and the others. The money came from customers of First Energy’s distribution and transmission units.

Sentences: Plenty but none yet to the calaboose. Householder’s trial date is coming up. Republicans and Democrats together expelled him from the House; First Energy CEO Charles Jones was fired; two others pled guilty; a lobbyist committed suicide; First Energy was fined $230MM and entered into a deferred prosecution agreement.

The big picture: Forbes’ Ken Silverstein predicts that it will jar an industry that is perpetually trying to regain its balance after much bad publicity. Plus, high capital costs for construction and cheap shale gas have curtailed nuclear development, presenting a problem for the environment. Example: When Southern California Edison closed its San Onofre nuclear station in 2013 CO2 emissions jumped by 35% (That’s green California for you). Factoid: 96 nuclear reactors in 29 states supply about 20% of the country’s electricity and 55% of the carbon free power.

Don’t you know his mother was disappointed

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Perp: Mark Plummer, host of the ironically-named Dallas radio show “Smart Oil and Gas”.
Continue Reading 2021’s Bad Guys in Energy

To our bad guys, 2019 was a year flush with hope and opportunity; it ended with recidivism, more misery from Venezuela, a charlatan, an Okie who pulled a multi-million dollar fast-one on Chesapeake and, as in years past, a peek into the darker side of the human condition.

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Perp: Justin Lane Foust.

Crime: Wire

I report herein on 2018’s parade of reprobates, rapscallions and others generally lacking in moral hygiene.  We reflect on a mother’s love, corruption in Venezuela, a disloyal employee, stealing from friends, a disgraced politician, and the wisdom of Forrest Gump.

Perp: Carol Faulkner

Violation: Not a crime but worthy of your consideration for its shamelessness. A “mendacious filing” in a an SEC civil enforcement action against Chris Faulkner, and she “repeatedly and willfully abused the judicial system” in connection with his fraud case.

Sentence: Sanctioned $5,205.50. This was after she was held in civil contempt and fled to Lebanon.

Titillating fact: This is the Frack Master’s OWN MOTHER. Merle was right; Mama failed … in so many ways.

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Perps: In “Operation Money Flight“, seven defendants (six Venezuelians and a Swiss banker), nine co-conspirators, and three unnamed “government officials”.
Continue Reading 2018’s Bad Guys in Energy