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Nuclear executive to go to prison for fraud

Former exec readies for 2 years in prison in nuclear debacle, abc, By Jeffrey Collins, Oct 5, 2021  Associated Press  COLUMBIA, S.C. (AP)
— An executive who spent billions of dollars on two South Carolina nuclear plants that never generated a watt of power, lying and deceiving regulators about their progress, is ready to go to prison.

Former SCANA Corp. CEO Kevin Marsh has agreed with prosecutors that he should spend two years in prison. He goes before a federal judge Thursday who will decide whether to accept that deal…..

Marsh is the first executive to go to prison for the nuclear debacle. A second former SCANA executive and an official at Westinghouse Electric Co., the lead contractor to build two new reactors at the V.C. Summer plant, have also pleaded guilty. A second Westinghouse executive has been indicted and is awaiting trial.

Marsh in February pleaded guilty to conspiracy to commit wire and mail fraud in federal court, and obtaining property by false pretenses in state court. Prosecutors agreed to his request to serve his entire sentence on both sets of charges in a federal prison.

Marsh already paid $5 million in restitution. SCANA had paid Marsh $5 million in 2017, the year the utility abandoned the hopelessly behind-schedule project in Fairfield County

Marsh lied and presented rosy projections on the progress of the reactors that he knew was false in earning calls, presentations and press releases. The CEO wanted to keep investors pumping money into the project and the company’s stock price up, prosecutors said.

His actions took more than $1 billion from the pockets of ratepayers and investors, authorities said in an 87-page Securities and Exchange Commission lawsuit filed against them in 2020…………..

October 7, 2021 - Posted by | Legal, secrets,lies and civil liberties, USA

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