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 project in Fairfield County.
United States District Judge Mary Lewis sentenced Marsh to two years in federal prison. He will also be under court order supervision for three years after his prison sentence.
Judge Lewis also imposed a fine of $200,000. Marsh paid $5 million before his sentencing, under the terms of his plea agreement
Marsh is the first defendant in the case to be sentenced in the investigation. Three other people are currently facing charges related to the federal investigation.
“Due to this fraud, an $11 billion nuclear ghost town, paid for by SCANA investors and customers, now sits vacant in Jenkinsville, South Carolina. Hopefully, this prosecution will deter other corporate fraud in the future,” said Acting U.S. Attorney for the District of South Carolina Rhett DeHart.
Evidence presented in court Thursday showed that Marsh intentionally defrauded ratepayers while overseeing and managing SCANA’s operations – including the construction of two reactors at the V.C. Summer Nuclear Station – so the company could obtain and retain rate increases imposed on its rate-paying customers and qualify for up to $2.2 billion in tax credits.
Investigators said in late 2016, confronted with information that the project was delayed and that the tax credits were at risk, Marsh and others withheld that information from regulators in an effort to keep the project going.
Marsh’s false and materially misleading statements, as well as other false and materially misleading statements made by his coconspirators, allowed SCANA to obtain and retain rate increases imposed on SCANA’s rate-paying customers.