Former SCANA CEO, Kevin B. Marsh Pleads Guilty To Conspiracy to Commit Mail and Wire Fraud
Columbia, S.C (STL.News) United States Attorney Peter M. McCoy, Jr. announced today that Kevin B. Marsh, former SCANA Corporation (SCANA) Chief Executive Officer and former Chairman of its Board of Directors, pleaded guilty in federal court to conspiracy to commit mail and wire fraud. With the guilty plea, Marsh admits that he intentionally defrauded ratepayers, while he oversaw and managed the company’s operations – including the construction of two reactors at the V.C. Summer Nuclear Station – so that SCANA could obtain and retain rate increases imposed on SCANA’s customers and qualify for up to $2.2 billion in tax credits.
Today’s plea follows a previous guilty plea by Stephen A. Byrne, former Executive Vice President of SCANA and former Chief Operating Officer of South Carolina Electric & Gas Company (SCE&G), to conspiracy to commit mail and wire fraud, as well as a previously announced agreement with Dominion Energy that will, over time, provide at least four billion dollars of South Carolina ratepayer relief. It also follows a previously announced settlement by SCANA and SCE&G on a Securities and Exchange Commission lawsuit charging them with defrauding investors by making false and misleading statements about the nuclear plant expansion that was ultimately abandoned.