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Thread: Another "Never" coming to pass

  1. #1
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    Default Another "Never" coming to pass

    Former SCANA CEO Kevin Marsh expected to plead guilty to cover-up of financial crimes

    BY JOHN MONK
    FEBRUARY 11, 2021 05:00 AM, UPDATED 2 HOURS 1 MINUTE AGO

    COLUMBIA, SC
    After months of delay, former SCANA ex-CEO Kevin Marsh is now expected to plead guilty formally to a variety of white collar crimes at a Feb. 24 hearing in federal court in Columbia.

    The new date for the hearing, originally set for November, was announced Wednesday in a press release by Peter McCoy, U.S attorney for South Carolina.

    No reason was given for the delay.

    Marsh, once one of South Carolina’s most prominent and well-paid executives, has agreed to plead guilty to federal conspiracy fraud charges, go to prison for at least 18 months and forfeit $5 million in connection with SCANA’s $10 billion failed effort to build nuclear reactors in Fairfield County, according to papers filed in the U.S. District Court in South Carolina.

    Specifically, a charging document in the case says, Marsh helped lead a two-year cover-up, from 2016 to 2018, of the serious financial trouble that was jeopardizing the success of not only the ongoing Fairfield County nuclear project but also the troubled financial health of SCANA, according to records and evidence in the case.

    At the time, the now-defunct SCANA was a respected, publicly traded gas and electric utility and the only Fortune 500 company in South Carolina. It had 700,000 electric customers and 350,000 natural gas customers.

    The actions Marsh and other top SCANA officials took to cover up the mounting troubles at the nuclear construction site led the once-secure company into severe financial straits and made it a target for a takeover. SCANA’s stock price plummeted from around $70 per share to the low $40s. In early 2019, SCANA became a fully owned subsidiary of Dominion Energy, one of the nation’s largest publicly traded electric utilities.

    SCANA’s junior partner in the ill-fated venture, was Santee Cooper, a South Carolina state agency. But no criminal charges have been brought against any Santee Cooper executives.

    The failure of the V.C. Summer plant left more than 4,000 constructions workers jobless. Other losers in the affair were SCANA’s and Santee Cooper’s monthly ratepayers, who paid extra charges each month for years to pay for ongoing construction at the nuclear project.

    Last July, Stephen Byrne, the number two top SCANA executive pleaded guilty to conspiracy charges in SCANA’s downfall.

    Byrne’s guilty plea was the first official confirmation that the failure of the nuclear project was not just due to simple mismanagement mistakes at a complex project — one of the biggest ever undertaken in South Carolina — but also resulted from criminal conduct at SCANA’s highest levels.

    Byrne is now out on bond.

    Federal prosecutors in the case are Emily Limehouse, Brook Andrews, Winston Holliday and Jim May.

    Marsh’s lawyers include Robert Bolchoz of Columbia, and Brady Hair and Derk Van Raalte IV, both of Charleston. Also representing Marsh is Anne Tompkins of Charlotte, a former U.S. Attorney for the Western District of North Carolina.

    https://www.thestate.com/news/local/...igest_politics

  2. #2
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    I wonder who is walking off scot free as a result of him taking the bullet?


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    Conservation means the wise use of the earth and its resources for the lasting good of men. -Gifford Pinchot

    The beauty of the second amendment is that it will not be needed until they try to take it. -Thomas Jefferson


    The very existence of flame-throwers proves that some time, somewhere, someone said to themselves, You know, I want to set those people over there on fire, but I'm just not close enough to get the job done.

  3. #3
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    What is "His bank account balance" for $20,000,000 or so, Alex?

  4. #4
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    Quote Originally Posted by JABIII View Post
    What is "His bank account balance" for $20,000,000 or so, Alex?
    That’s a damn fact!


    Sent from my iPhone using Tapatalk
    Conservation means the wise use of the earth and its resources for the lasting good of men. -Gifford Pinchot

    The beauty of the second amendment is that it will not be needed until they try to take it. -Thomas Jefferson


    The very existence of flame-throwers proves that some time, somewhere, someone said to themselves, You know, I want to set those people over there on fire, but I'm just not close enough to get the job done.

  5. #5
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    Marsh sentenced to 2 years at Butner...

    https://www.thestate.com/news/local/...254802262.html

  6. #6
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    Such great legislator oversight.

  7. #7
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    And they get off the hook as well, Teflon
    "You are Citadel Men, you have no pension for failure, you wear the Ring, you never let a friend down, you will be good fathers, husbands, and leaders in the armed forces and industry, you are strong in heart, body, and mind. You protect such things as Honor and Fidelity. Your virtues matter not only in wealth, but in the richness of family, you are the last of the knights."
    - late President Ronald Reagan

  8. #8
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    It’s stuff like this that makes me really dislike title seekers and people who inflate themselves without merit. There was some guy running around Charleston that wanted a $250K plus salary and a 100K bonus as a construction executive. Fascinating. Here’s the part I can’t get past - someone was actually paying him near that amount and he was either dumb enough to leave that job or he was fired. And it’s nothing compared to the salary’s and bonuses of the losers who managed SCANA.

    Seriously, how do you get a job where you produce nothing, are unaccountable, and get paid millions annually?

  9. #9
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    Easy, by stealing the election.

  10. #10
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    I’d do two years in a federal countey club with a smile on my face for the shitload of cash he looted and allowed to be looted from SCANA, their customers, and the taxpayers.

  11. #11
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    Rob somebody of $20 with a butter knife, get 10 to 30 in a shithole prison.

    Rob everyone in the entire state for millions, get 2 years in a hotel and keep the money you stole.

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