SC banker, college trustee charged with laundering

SPARTANBURG, S.C. (AP) - A South Carolina bank executive and Wofford College trustee faces federal charges that he laundered money from a cigarette smuggling ring.

The Herald-Journal of Spartanburg reported Saturday that 46-year-old Frederick Gibbs is the president and chief executive officer of Banc Capital & Financial Services Inc. and the registered agent a Spartanburg realty fund. Gibbs is accused of 4 counts of money laundering.

Gibbs does not have a listed telephone number. His attorney did not return calls to his office and home seeking comment Saturday.

An indictment describing the charges facing Gibbs was unsealed this week the day before federal authorities announced busting a multi-year cigarette smuggling ring. Officials say nine South Carolina suspects purchased cigarettes in Virginia and illegally sold them in higher-tax South Carolina for millions of dollars.

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