AG clears former PUC chair of wrongdoing
The Maine Attorney General's Office has cleared former Public Utilities Commission Chair Kurt Adams of any wrongdoing related to accepting equity units from First Wind while still employed with the state.
The report released yesterday concluded that Adams did not violate any state laws by signing an employment contract with First Wind in April 2008 that included 1.2 million equity units, according to a press release. The office found that Adams, senior vice president of the Massachusetts-based company, complied with statutes related to conflicts of interest because he recused himself from any PUC proceedings involving First Wind before leaving the PUC in May 2008.
In May, a citizens' group called for an investigation after a report from the Maine Center for Public Interest Reporting said Adams received the equity units while still working for the PUC. First Wind had argued the units did not have value until one year after Adams' first day as an employee of First Wind, following his resignation as PUC chair. The company last month amended its filings with the U.S. Securities and Exchange Commission to clarify that, though Adams signed an employment contract on April 16, 2008, the vesting period for the equity units did not begin until his official state date of May 19.
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