Former CEO of failed V.C. Summer nuclear project pleads guilty to fraud charges
Former SCANA CEO pleads guilty to fraud charges for failed nuclear power project, https://abcnews4.com/news/local/former-scana-ceo-pleads-guilty-to-fraud-charges-for-failed-nuclear-power-project by Tony Fortier-Bensen, Wednesday, November 25th 2020 COLUMBIA, SC (WCIV)
The former chief executive officer of SCANA pleaded guilty on Tuesday to fraud charges for the failed V.C. Summer project in Fairfield County.
Kevin Marsh pleaded guilty to one count of conspiracy and one count of obtaining false property by false pretenses, according to a plea agreement.
The agreement also said that Marsh would serve 18 to 36 months and has agreed to pay $5 million in restitution.
In June, retired SCANA chief operating officer Steve Byrne entered a guilty plea for his actions in relation to the failed nuclear power plant.
The U.S Attorney’s office alleges Byrne and Marsh conspired with other SCANA executives to deceive state and federal government overseers, stock holders and power customers in order to keep funding coming in to build two nuclear reactors at the V.C. Summer Nuclear Station.
The expansion project cost Santee-Cooper and the defunct South Carolina Electric & Gas over $9 billion before the two entities abandoned the project in July 2017.
In addition, Marsh agreed to waive indictment and arraignment and work with authorities to provide further information on the failed project.
Under the plea agreement, Marsh could be sentenced to serve 18 to 36 months in prison. Marsh has also agreed to pay $5 million in restitution.
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