Entergy Agrees to Settle SEC Accounting Claims for $12 Million

Entergy Corp. agreed to pay a $12 million civil penalty after the SEC said it violated securities laws over paltry accounting of surplus supplies for six years.

The electric company neither admitted nor denied the US Security and Exchange Commission’s allegations in the settlement announced Friday. It still needs a judge’s approval in the US District Court for the District of Columbia.

“Internal accounting controls serve as a front-line defense in ensuring the accuracy and reliability of financial statements,” Sanjay Wadhwa, Acting Director of the SEC’s Division of Enforcement, said in a statement.

Since mid-2018, Entergy allegedly didn’t implement internal ...