Former SCANA CEO sentenced for role in VC Summer nuclear debacle
COLUMBIA, SC (WSPA) — A federal judge sentenced former SCANA CEO and Chairman Kevin Marsh to two years in federal prison for charges stemming from a failed nuclear task in Fairfield County.
United States District Judge Mary Lewis sentenced Marsh to two yrs in federal jail. He will also be beneath court order supervision for 3 several years after his prison sentence.
Choose Lewis also imposed a good of $200,000. Marsh paid $5 million before his sentencing, underneath the phrases of his plea settlement
Marsh is the 1st defendant in the case to be sentenced in the investigation. A few other people today are at this time struggling with expenses associated to the federal investigation.
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“Due to this fraud, an $11 billion nuclear ghost town, compensated for by SCANA buyers and shoppers, now sits vacant in Jenkinsville, South Carolina. With any luck ,, this prosecution will prevent other corporate fraud in the future,” reported Performing U.S. Lawyer for the District of South Carolina Rhett DeHart.
Proof introduced in court Thursday confirmed that Marsh intentionally defrauded ratepayers even though overseeing and running SCANA’s functions – which includes the construction of two reactors at the V.C. Summer time Nuclear Station – so the company could attain and retain level raises imposed on its fee-paying out clients and qualify for up to $2.2 billion in tax credits.
Investigators claimed in late 2016, confronted with information and facts that the task was delayed and that the tax credits have been at chance, Marsh and other people withheld that data from regulators in an effort and hard work to maintain the challenge going.
Marsh’s untrue and materially misleading statements, as nicely as other false and materially misleading statements built by his coconspirators, authorized SCANA to get and keep amount increases imposed on SCANA’s fee-shelling out prospects.
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