Former SCANA CEO pleads guilty to charges tied to failed V.C. Summer project
COLUMBIA, S.C. (WCSC) - A former SCANA CEO has pleaded guilty to both federal and state charges tied to the failed V.C. Summer nuclear project in Fairfield County that misled investors of about over $1 billion in tax credits.
Kevin Marsh pleaded guilty on Wednesday to federal conspiracy to commit mail and wire fraud. He also pleaded guilty to a state grand jury indictment on a charge of obtaining signature or goods by false pretense over $10,000.
Marsh’s plea agreement has him serving at least two years in prison and paying back $5 million.
According to the U.S. Attorney’s Office, with the wire fraud guilty plea, Marsh admits that he intentionally defrauded ratepayers while he oversaw and managed the company’s operations which included the construction of two reactors at the V.C. Summer Nuclear Station.
Prosecutors said Marsh did this so that SCANA could obtain and retain rate increases imposed on SCANA’s customers and quality for up to $2.2 billion in tax credits.
In addition, Marsh pleaded guilty to a state grand jury indictment on a charge of obtaining signature or goods by false pretense over $10,000.
Marsh will serve at least two years in prison, as his federal and state sentences will be served concurrently.
His plea agreement states if Marsh fully complies with the agreement and his cooperation obligations, his sentence will be 10 years in prison, provided that upon the service of 24 months incarceration, the balance will be suspended upon the service of three years’ probation.
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