Greer Man To Plead Guilty In Insider Trading Case

A 50-year-old Greer man has agreed with federal prosecutors to plead guilty to conspiracy to commit insider trading, Greenville News reports.

Kenneth Raby's plea comes as part of a federal investigation of a former Wells Fargo investment banker who allegedly received kickbacks in cash and gold. 

Raby was one of several people named in a federal indictment that claimed from March 2010 through December, they all were complicit in an insider trading conspiracy that stole information about upcoming corporate mergers and acquisitions from Wells Fargo and its clients. 

Those charged then allegedly used the information to conduct illegal insider trading, according to prosecutors and the indictment unsealed in U.S. District Court. The indictment states the conspiracy resulted in more than $11 million in proceeds.