Former SC treasurer will plead guilty to cocaine distribution charge

Former Treasurer Thomas Ravenel will plead guilty Thursday to a cocaine distribution charge in a plea agreement that his lawyers hope will lead to limited jail time or even probation.

The agreement was filed Friday in federal court in Columbia. In exchange for Ravenel's continued cooperation, prosecutors will pursue a downward departure of the penalty time he faces.

For the purpose of the sentencing, both sides in the case are agreeing that the amount of cocaine involved is less than 100 grams, court papers said. The original indictment listed the amount as less than 500 grams.

Ravenel issued a statement Friday, shortly after the agreement was reached, in which he said he was "sorry for the embarrassment and hurt that I have caused my family, and I appreciate the strong support they have given to me.

"I also apologize to the people of South Carolina and I look forward to beginning to put this matter behind all of us."

Ravenel, 45, resigned his job as state treasurer in July, eight months after he was elected. The Legislature elected Rep. Converse Chellis, R-Summerville, to fill the rest of Ravenel's term, which expires in January 2011.