October 29, 2010, 4:22PM E

 ABINGDON, Va.

http://www.businessweek.com/ap/financialnews/D9J5IQ6G0.htm

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.