Ex-Bank Exec Cops To Insider Trading Scheme

Law360, New York (January 27, 2011, 5:20 PM EST) -- A former New Peoples Bank Inc. executive has admitted to using information on a customer's $6 million investment proposal to help friends and family sell bank shares at higher prices as part of an insider trading and money laundering plot.

Gary A. Lawson entered his guilty plea in the U.S. District Court for the Western District of Virginia on Thursday, copping to one count of conspiracy to defraud the United States and one count of money laundering.

Lawson pled guilty to an information against him, waiving...
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