GM executive nabs plea in fraud case.

Daniel J. Bealko, a former General Motors global commodity manager, has taken the plea bargain offered from the prosecution in Chicago Federal court to fraud charges. Bealko was arrested and tried under the charges of defrauding his employer of over $83 million.

Bealko was indicted for accepting kick-backs totaling $6.5 million for diverting several million dollars of bulk aluminium to Fulci metal USA, an Illinois-based bulk metal broker. GM ordered Bealko to sell off $1 billion dollars of aluminium, but were never informed to his sales of the metal to Fuci on credit and that the bulk metal broker was a default risk.

Bealko began to receive kick-backs from Anthony Demetrius Brown, cheif operator of Fuci Metal USA, in 1998 in exchange for sending aluminium to his company. Following this in 2003, the metal broker went out of business while still owing the $83 million from the charges filed.

After this, Bealko went into hiding while Brown cut deal with Federal prosecutors. Brown plead guilty to wire fraud in Chicago Federal court on October 10th of 2008, and faces up to a maximum of 20 years in prison on his sentencing date on Febuary 3.

Bealko was arrested in Liechtenstein after jumping from his Caribbean Island home to Europe to escape capture. He later plead guilty on Novemeber 5 to the charges of wire fraud and tax evasion stemming from failure to pay income tax any of the bribes. As part of the plea, Bealko will pay back personally the original $6.3 million that took and authorities have already seized $3.3 million from a bank account from Liechtenstein.

Even still, Bealko still faces up 25 years in Federal prison for his crimes at his sentencing taking place on January 19.