CHATTANOOGA, Tenn. — Bankrupt financier C. H. Butcher Jr. agreed today, partway through his federal trial, to plead guilty to one count of conspiracy and five of bankruptcy fraud.
The pleas stem from bankruptcy fraud and money-laundering indictments for which Butcher, members of his family and associates were on trial. Also included in the agreement with federal prosecutors was an indictment for bank fraud, for which Butcher was to stand trial later.
Details of the plea agreement were not available immediately.
There was no indication how this will affect the other defendants. All those charged, except Butcher's father, were in court as U.S. District Judge Thomas A. Higgins went over the agreement with Butcher.
C. H. Butcher Sr. had been excused from the courtroom but was believed to be in the building.
C. H. Butcher Jr., who ran the $1.5-billion City & County Bank chain in Tennessee and Kentucky before it crumbled in 1983; his father, C. H. Butcher Sr.; his son, C. H. Butcher III; his wife, Shirley R. Butcher, and three associates faced a 69-count fraud indictment.