South Carolina Treasurer Thomas Ravenel, a former real estate developer and rising political star, was indicted Tuesday on federal cocaine charges.
The millionaire is accused of buying less than 500 grams of cocaine to share with other people in late 2005, U.S. Attorney Reggie Lloyd said. Mr. Ravenel, 44, is charged with distribution of cocaine, which carries a maximum sentence of 20 years in prison and a fine of up to $1 million.
Mr. Ravenel is also the state chairman for former New York Mayor Rudy Giuliani's presidential campaign.
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