SOUTH CAROLINA ELECTRIC & GAS CO. REVIEW
This complaint was posted on NAS on 6th Jan, 2021 and is a permanent record located here: https://www.nameandshame.com/south-carolina-electric-gas-co-5YCWN/nefarious-company-to-pay-1375-million-in-fines-penalties-id5ydqh .
Nefarious Company To Pay $137.5 Million In Fines & Penalties
Today, The Smart Investor Feed brings you another morally reprehensible fraud.
South Carolina Electric & Gas Co. has been seized/arrested by the U.S. Securities And Exchange Commission (SEC). Shocking right?
We weren’t expecting this as well, but these scammers are getting smarter by the minute, making it harder for us to identify.
Such swindlers seem to be booming in numbers lately. This case is kind of interesting, why don’t I show you why:
Full Report On South Carolina Electric & Gas Co.
The Securities and Exchange Commission today announced that SCANA Corp. and its subsidiary South Carolina Electric & Gas Co. (SCE&G) have agreed to settle the SEC's lawsuit charging them with defrauding investors by making false and misleading statements about a nuclear power plant expansion that was ultimately abandoned. The proposed settlement, which remains subject to court approval, would require SCANA to pay a $25 million civil penalty, and SCANA and SCE&G to pay $112.5 million in disgorgement plus prejudgment interest.
The SEC's complaint, filed in February 2020, alleged that SCANA, SCE&G, and two former senior executives misled investors by claiming that a project to build two nuclear units would qualify the company for more than $1 billion in tax credits when they knew the project was far behind schedule and therefore unlikely to qualify for the tax credits. The complaint alleged that the false statements and omissions boosted SCANA's stock price, and enabled it to raise rates on customers and to sell more than $1 billion in bonds. In mid-2017, SCANA announced it was scrapping the project and according to the complaint, investors lost hundreds of millions of dollars when the truth was revealed.
The SEC's complaint, filed in federal court in South Carolina, charged SCANA, SCE&G, SCANA's former CEO Kevin Marsh, and former Executive Vice President Stephen Byrne with violations of the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and Section 17(a) of the Securities Act of 1933. The complaint also charged SCANA and SCE&G with violations of the reporting provisions of Section 13(a) of the Exchange Act and Rules 12b-20, 13a-1, 13a-11, and 13a-13 thereunder, and Marsh with aiding abetting the charged reporting violations. Without admitting or denying the allegations, SCANA and SCE&G agreed to a permanent injunction and to pay $112.5 million in disgorgement plus prejudgment interest, which will be deemed satisfied by SCANA and SCE&G's settlement payments in related rate payer and shareholder litigation. SCANA also agreed to pay a $25 million civil penalty. The litigation against Marsh and Byrne is still ongoing.
Conclusion: South Carolina Electric & Gas Co. Is A Fraud
The report on SEC clearly suggests that South Carolina Electric & Gas Co. never had any intentions to do honest business or provide helpful services. Main intention behind all their actions was to take advantage of the honesty & gullibility of people and scam them. It would be an understatement to call this a mere fraud, this one is a scandal.
If you feel like you are a victim of this scam, then I recommend contacting a law firm and consulting with them about a lawsuit. Companies & firms pay huge reprimands to settle serious lawsuits.
Help Us Fight These Criminals
Do you have evidence against South Carolina Electric & Gas Co. or one of their associates, then please post it here. These criminals rely on their witnesses’ & victims’ silence, if you speak up, then they get exposed and punished for their horrific acts. I started The Smart Investor Feed on this site with only one purpose; to become a nightmare for the financial frauds in the country. I try to post often, so you can bookmark my profile for regular updates on frauds & con-artists.
Full Disclosure: We sourced this piece of information from the SEC database