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Thomas Ravenel indicted on cocaine charges

South Carolina Treasurer Thomas Ravenel was indicted Tuesday on federal cocaine charges.

Thomas Ravenel indicted on cocaine charges Thomas Ravenel is also the state chairman for former New York Mayor Rudy Giuliani's presidential campaign. Ravenel has stepped down volunteer responsibilities with the campaign according to Rudy Giuliani's camp.

According to the indictment, Ravenel is accused of buying less than 500 grams of cocaine  to share with other people in late 2005. He is charged with distribution which can carry a maximum of 20 years behind bars, if found guilty. According to the U.S. Attorney Reggie Lloyd, the indictment of Thomas Ravenel comes as a result of a Charleston, SC investigation.

As Ravenel was very close to the Republican presidential candidate Rudy Giuliani, this scandal could influence the betting odds on Giuliani's campaign. The British online betting website Bet365 has been offering odds on Rudy Giuliani to win the 2008 Presidential Elections at 4/1, making him the favorite among the Republican candidates to win. Although there is no word yet from the oddsmaker, it is most likely that the Ravenel cocaine scandal would change the odds negatively for Giuliani.

According to the British bookie, Hilary Clinton is the outright favorite with odds 7/4, followed by Barack Obama with 3/1 and then Rudy Giuliani.

To see the full list of the betting odds on the candidates, visit Bet365 (U.S. citizens not allowed to bet).

Published on 06/19/2007

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