Walter "Eddie" Floyd, a Reno businessman and radio talk show host, pleaded guilty Friday in federal court to charges related to his involvement in a cross-country marijuana trafficking and money laundering operation.
In U.S. District Court, Floyd, 59, pleaded guilty to one count of money laundering and aiding and abetting. He faces up to 20 years in prison and a $500,000 fine. A March 30 sentencing hearing has been scheduled. He remains free on $100,000 bail.
Floyd initially pleaded not guilty to 21 counts of drug trafficking and money laundering following a February indictment. On Friday, he admitted to laundering $175,000 through his local businesses. The money came from a Northern California marijuana operation, he admitted.
In September, Floyd had claimed his severe depression was in such a "precarious state" that his psychiatrist guessed he would suffer a nervous breakdown and become incompetent to stand trial, according to court documents.
Floyd's attorney, Scott Edwards, could not be reached for comment on Friday.
During a February interview with the Reno Gazette-Journal, Eddie Floyd insisted he was innocent and said "... my whole defense will be based on the truth ... every good story sounds true until the other side is told."
Floyd had been host of "Nevada Matters" a Monday through Saturday radio talk show on KBDB 1400 AM. At the time the indictment was handed down, he owned U.S. Realty, Combined Associates Development Co. Inc. and was trying to start a retail Web site.
Reno Gazette, December 30, 2006