GUILTY PLEAS IN O.P.M. FRAUD CASE
Five former executives of O.P.M. Leasing Services Inc. pleaded guilty in Manhattan yesterday to charges of defrauding major lending institutions of $190 million in one of the largest fraud cases in the nation's history. The Federal fraud charges said the defendants had induced 19 banks, insurance companies and other lenders to buy more than 60 notes secured by falsified leases that supposedly existed between O.P.M. and the Rockwell International Corporation. About 25 percent of the notes were repaid, but much of the $190 million that O.P.M. obtained on the notes from 1978 to early this year was lost in the company's faltering business operations, according to investigators. O.P.M., a major computer leasing company based in Manhattan, last March entered Federal bankruptcy proceedings under Chapter 11 to obtain court protection from creditors while seeking to reorganize its finances.