Va. Bank Chief Guilty of Insider Trading

November 1, 2010

The former president of a southwestern Virginia bank has pleaded guilty to conspiracy and money laundering.

U.S. Attorney Timothy Heaphy says 63-year-old Kenneth D. Hart of Honaker entered the plea Friday in federal court in Abingdon. Hart faces up to 25 years in prison.

Hart was a founder and president of the new Peoples Bank. According to Heaphy, Hart admitted that he and others engaged in an insider trading scheme involving about $6 million in bank stock.

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