Utility executives overseeing the canceled V.C. Summer nuclear expansion in South Carolina “repeatedly deceived investors, regulators and the public” about the status of the project, resulting in a “historic securities fraud,” the Securities and Exchange Commission charged in a complaint filed Feb. 27 in South Carolina district court.
In its filing, the SEC alleged that two former SCANA Corp. executives—former CEO Kevin Marsh and former EVP Stephen Byrne—“repeatedly deceived investors, regulators, and the public over several years about the status of a $10-billion nuclear energy project. When the truth was revealed, it resulted in hundreds of millions of dollars in losses to SCANA’s investors and to South Carolinians.”