The SEC Charges CMS Energy Corp. and Three Former CMS Executives with Fraud in Connection with Over $5 Billion in Round-Trip Energy Trades.

The Securities and Exchange Commission announced a settled fraud enforcement action against CMS Energy Corporation (CMS), a Michigan-based energy company, in connection with over $5 billion in deceptive round-trip energy trades - massive pre-arranged trades that, despite lacking economic substance, grossly inflated CMS's reported revenues and propelled the company into the upper echelon of the energy-trading volume rankings.