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Former SCANA CEO sentenced for role in VC Summer nuclear debacle
COLUMBIA, SC (WSPA) — A federal decide sentenced former SCANA CEO and Chairman Kevin Marsh to two many years in federal prison for charges stemming from a unsuccessful nuclear challenge in Fairfield County.
United States District Decide Mary Lewis sentenced Marsh to two decades in federal jail. He will also be less than court purchase supervision for a few years soon after his jail sentence.
Decide Lewis also imposed a fine of $200,000. Marsh compensated $5 million right before his sentencing, underneath the terms of his plea agreement
Marsh is the initially defendant in the scenario to be sentenced in the investigation. 3 other individuals are at this time experiencing fees linked to the federal investigation.
“Due to this fraud, an $11 billion nuclear ghost city, compensated for by SCANA investors and clients, now sits vacant in Jenkinsville, South Carolina. Hopefully, this prosecution will deter other company fraud in the potential,” mentioned Performing U.S. Lawyer for the District of South Carolina Rhett DeHart.
Proof offered in court Thursday confirmed that Marsh intentionally defrauded ratepayers while overseeing and managing SCANA’s functions – which includes the development of two reactors at the V.C. Summer season Nuclear Station – so the corporation could obtain and keep charge boosts imposed on its price-paying buyers and qualify for up to $2.2 billion in tax credits.
Investigators stated in late 2016, confronted with facts that the project was delayed and that the tax credits had been at threat, Marsh and other folks withheld that data from regulators in an effort to preserve the venture heading.
Marsh’s bogus and materially deceptive statements, as perfectly as other wrong and materially misleading statements built by his coconspirators, permitted SCANA to get and keep level boosts imposed on SCANA’s fee-paying consumers.
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