Almost three years after the plug was pulled into a $ 10 billion After an economic disaster, there is finally some criminal responsibility for the lies that were told to the people of South Carolina during the failed construction of this boondoggle capitalist friend. Fortunately, it seems clear, from the agreement announced this week between the federal government and the first criminal defendant in this case, that more consequences are coming.
We accept these consequences … as well as the taxpayers of the state of Palmetto who were victimized by this act of stealing.
According to documents filed with the federal court this week, a plea bargain has been reached in connection with the ongoing investigation into NukeGate – the South Carolina state command economic experiment has failed spectacularly in the nuclear power sector.
But to what extent was the network launched with respect to this investigation? This is yet to be seen …
Still, there are major developments in the case that seem to point to a rapid escalation of the investigation – which is being conducted by the United States attorney’s office. Peter McCoy. A simultaneous investigation is also underway – led by the SC State Law Enforcement Division (SLED) and the state grand jury, which is under the authority of the SC attorney general Alan Wilson.
Who was the first domino to fall?
According to the files, Stephen Byrne – the former executive vice president of the now defunct SCANA – agreed to plead guilty to conspiracy to commit electronic fraud. This crime is punishable by up to five years in prison and a fine of up to $ 250,000.
The news of Byrne’s agreement to plead was first reported by John Monk of O (Columbia, SC) State newspaper.
According to federal prosecutors, Byrne “joined with others, through SCANA, to engage in a scheme, plan and device to defraud customers and obtain money and property through materially false and fraudulent pretexts.” Specifically, he is accused of making “materially false and misleading statements in an effort to continue (NukeGate), minimizing regulatory risk and avoiding state government oversight … all in order to defraud customers through inflated accounts”.
SCANA and administered by the government Santee Cooper were the two companies responsible for NukeGate – also known as two next generation nuclear reactors abandoned at the VC Summer generating station in Jenkinsville, SC
These reactors were expected to start operating in 2016 and 2017 at a cost of $ 9.8 billion, respectively … which obviously did not happen.
The money for the project was spent (and a little more), but the reactors were not completed – and the concessionaires could not afford the $ 10-16 billion beyond what they have already spent to finish them. To compound the problem, documents released in September 2017 showed that utilities knew in 2016 (and perhaps earlier) that the project was doomed – but allegedly withheld this critical information from regulators (and the public) while continuing to raise rates and accumulate additional debt.
In fact, Santee Cooper proposed an increase in fees related to the project few days before dropping out.
Meanwhile, state legislators have socialized more than $ 2 billion the investment risk associated with this project through the now famous “Basic Cargo Review Law”, which resulted in higher bills for hundreds of thousands of customers.
RELATED || SEC drops bomb on former SCANA executives
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In addition to his agreement to plead guilty, Byrne also entered into a cooperation agreement requiring him to “be completely honest and straightforward with federal, state and local law enforcement agencies, providing complete, complete and truthful information about all criminal activities about which he is guilty. he has knowledge. “
He also agreed to “testify fully and truthfully before any grand jury and in any trials or other proceedings if requested by the government.”
Byrne’s appeal would have to be accepted by a federal judge.
The documents accompanying the plea agreement refer to at least two other former SCANA executives known as “person A” and “person B.” Based on our previous report on a complaint filed by the United States Securities and Exchange Commission (SEC) in February, we believe it is clear that one of these unidentified individuals is the former CEO of SCANA Kevin Marsh.
According to the SEC, both Byrne and Marsh “tricked investors into a project to build two nuclear units that would qualify the company for more than $ 1 billion in tax credits.”
Specifically, they “defrauded (cheated) investors by making false and misleading statements about the expansion of a nuclear plant that ended up being abandoned,” according to regulators.
In one of the criminal cases – a motion to suspend a pending SEC matter – Byrne and Marsh were accused of “repeatedly deceiving investors, regulators and the public over several years regarding the status of the construction of two new security facilities. nuclear energy”.
Santee Cooper is also in bad shape with the SEC, but it remains to be seen whether his executives are also under the microscope of the criminal investigation.
They sure should be …
(Click to view)
(Via: FITSNews.com)
Not surprisingly, federal prosecutors were silent about the status of the ongoing investigation.
“We are unable to comment on this specific matter and we would rely on public records in this case,” McCoy said in a statement provided to this media outlet. “However, the US attorney’s office will continue to protect the citizens of South Carolina from all crimes, whether violent or economic.”
McCoy’s office also confirmed what we reported for the first time last month, which Dominion Energy had signed a cooperation agreement with the state and federal prosecutors related to the case.
Dominion bought SCANA in January 2019, when the consequences of the scandal spread across Palmetto’s political landscape.
“Dominion Energy continues to cooperate fully with state and federal authorities in this ongoing investigation, in accordance with the terms of the cooperation agreement,” Dominion spokesman Ryan Frazier said to this media.
According to our sources, the cooperation agreement will include “taxpayer redress” to be paid by Dominion – an amount currently estimated at $ 4 billion.
“As part of our mission to protect the people of South Carolina, we also today present an agreement with Dominion Energy that, over time, will provide at least four billion dollars in relief to the South Carolina taxpayer,” said McCoy in your statement to our outgoing news.
Stay tuned … looks like abundance dominoes will be falling in this case.
-FITSNews
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