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   Ex-S.C. treasurer guilty in cocaine case
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ContributorThe Sunset Provision 
Last EditedThe Sunset Provision  Sep 06, 2007 11:02am
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MediaWebsite - Yahoo News
News DateThursday, September 6, 2007 05:00:00 PM UTC0:0
DescriptionFormer South Carolina Treasurer Thomas Ravenel, once seen as a rising political star, pleaded guilty Thursday to a federal charge of possession with intent to distribute cocaine.

Ravenel, 45, admitted during a hearing that he bought cocaine from several different people and said he used the drug sometimes as often as once a week.

"I pled guilty today because I was guilty," Ravenel said in a statement after the hearing. "I'm looking very forward to putting this sad chapter behind me and moving forward. I'm very remorseful for my behavior."

Ravenel resigned a month after his June indictment. He faces up to 20 years in prison and a $1 million fine, though his plea agreement calls for a reduced sentence because he is helping prosecutors with their investigation.

Less than three months ago, the multimillionaire developer and son of a congressman was being encouraged by supporters to run against Sen. Lindsey Graham in next year's Republican primary.

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