According to this article in CBS2.com Wes Cooley, an ex-congressman, has pleaded guilty to money laundering charges that are related to a $10 million investment scheme.
He is being charged with several counts of concealment money-laundering and filing a false tax return. He is also being charged with luring hundreds of people to buy unregistered stock in Bidbay.com using the internet. If convicted of all charges, Cooley faces up to 38 years in federal prison.
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