Ex-FirstEnergy CEO Sought to Sell $10M in Shares After Alleged Bribery Scheme

Chuck Jones planned to liquidate a third of his company shares to buy a Florida home, emails show.

Published on Mar. 1, 2026

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In the months after FirstEnergy allegedly profited from a bribery scheme, the company's former CEO Chuck Jones moved to sell $10 million in company shares to buy a home in Florida, according to emails presented at his bribery trial. Prosecutors say Jones and other FirstEnergy executives paid $4.3 million in bribes to Sam Randazzo, who was then appointed as the chairman of Ohio's utility regulator, leading to decisions that benefited the company.

Why it matters

The case highlights concerns about the influence of money in politics and regulatory capture, where companies allegedly use bribery and other means to shape the decisions of government agencies meant to oversee them. It also raises questions about corporate accountability and whether executives should be able to personally profit from alleged misconduct.

The details

Emails show that in early April 2020, Jones wrote to his financial adviser that he planned to sell 200,000 FirstEnergy shares when the stock price hit $50, which would have left him with just under $30 million in remaining holdings. Jones said he wanted to use the proceeds to purchase a 'retirement home' in Naples, Florida. Prosecutors allege that in the months prior, Jones and FirstEnergy's senior VP of external affairs paid $4.3 million to Randazzo, who was then appointed as the chairman of Ohio's utility regulator and made decisions that benefited the company, including approving a $1.3 billion bailout for FirstEnergy's nuclear plants.

  • In early April 2020, Jones wrote to his financial adviser about plans to sell FirstEnergy shares.
  • Between roughly July and November 2019, the PUCO under Randazzo's leadership made decisions that benefited FirstEnergy, including approving a $1.3 billion bailout.

The players

Chuck Jones

The former CEO of FirstEnergy who is on trial for his alleged role in a bribery scheme.

Sam Randazzo

The former chairman of the Public Utilities Commission of Ohio who was appointed after allegedly receiving $4.3 million in bribes from FirstEnergy. Randazzo died by suicide in 2024 while under state and federal indictment.

Mike Dowling

FirstEnergy's senior vice president of external affairs who is also on trial for his alleged role in the bribery scheme.

Eileen Mikkelsen

FirstEnergy's director of rates who signed an immunity deal and testified against Jones.

Public Utilities Commission of Ohio (PUCO)

The state regulatory agency that oversees utility companies and sets customer prices and company profits.

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What they’re saying

“We can talk about whether to use the proceeds to pay cash for the new Naples home or a low rate mortgage once we see where interest rates settle after this pandemic slows and once we have found the property.”

— Chuck Jones, Former CEO, FirstEnergy (signalohio.org)

What’s next

The bribery trial of Jones and Dowling is expected to continue well into next month.

The takeaway

This case highlights concerns about the influence of money in politics and regulatory capture, where companies allegedly use bribery and other means to shape the decisions of government agencies meant to oversee them. It raises questions about corporate accountability and whether executives should be able to personally profit from alleged misconduct.