Three men charged in connection with an insider trading ring operating out of Charlotte pleaded guilty in federal court today.
Roger Williams, Kenneth Raby and Frank Burgess all pleaded guilty to conspiracy to commit securities fraud.
Each faces a maximum sentence of five years in prison. As part of their plea agreement, the men have agreed to provide information to investigators and to testify against other defendants in the case if prosecutors ask.
Prosecutors say the ringleader of the scheme, John Femenia, was an investment banker at Wells Fargo in Charlotte who stole inside information about corporate mergers and then passed that information on to associates around the country.
Those others then used the secret information to make stock trades.
The scheme brought in $11 million dollars.
Federal agents say the members of the ring laundered the money through a Las Vegas Casino, bank accounts and even used the profits to buy and sell gold bars.
In all, nine men are charged in the case.
Three other defendants have agreed to plead guilty.