He is worth roughly $13 million, but a former Bristol Virginia Utilities contractor says he needs up to 18 years to make restitution for his role in the federal corruption case.
According to James Todd Edwards’ proposed payment schedule recently filed in federal court, his attorney argues the former South Carolina CEO has a bleak financial outlook.
“Mr. Edwards’ financial outlook is far more bleak in light of his conviction and the longer than anticipated period of incarceration,” the proposal says. “Mr. Edwards has disassociated himself from Edwards Telecommunications and its new corporate structure, and is incurring great startup costs and expenses with his new cattle endeavor. Many of the available assets are not liquid and he is no longer earning a substantial yearly income. Mr. Edwards’ wife is a homemaker who cares for their three children and Mr. Edwards’ income will be severely limited while he is in prison.”
Edwards previously did business with BVU and admitted to giving two of the utility’s former vice presidents kickbacks. He has also cooperated with federal investigators and is a big reason why former BVU CEO Wes Rosenbalm pleaded guilty last week.
According to his plea agreement, Edwards owes $460,053 in restitution. His attorney argues if he pays all of that at once the two former vice presidents may “be relieved of their restitution obligations.”
- WEB EXTRA: Proposed payment schedule(.pdf)
As a result, his attorney is asking the court to waive all interest, allow Edwards to make a lump sum payment of $55,000 within 60 days, pay $1,000 a month while he serves his two-year prison term and after his release pay no less than $2,000 a month until the balance is paid in full.
If a judge approves Edwards’ proposal, BVU expects it could take until 2033 for the utility to receive all of the money it is owed.
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