BUSINESS BRIEFING / COURTS
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Times Staff and Wire Reports
A former Peregrine Systems Inc. chief lawyer pleaded guilty to bank fraud two months before he was to go on trial for participating in a scheme that destroyed the software firm, once valued at $4.7 billion.
Richard Nelson, 49, pleaded guilty in federal court in San Diego to defrauding banks of $150 million from a line of credit Peregrine obtained in July 2001 that he later learned was based on phony sales figures.
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