A former vice president of Saxon pleaded guilty.

Alfred Horowitz, 62, pleaded guilty to conspiracy and fraud charges growing out of Saxon Industries’ collapse in 1982. Prosecutors dropped a racketeering count that could have sent Horowitz to prison for 20 years after Horowitz agreed to plead guilty to lesser counts that carry maximum penalties of up to five years. Horowitz was to have gone on trial Sept. 9 along with former Saxon president Stanley Lurie, who still faces the racketeering charge.