A New York executive accused of pumping money into the campaign of a former governor of Guam in exchange for a political favor pleaded guilty Friday to three counts of mail fraud.

Arthur Abba Goldberg entered the plea before U.S. District Judge Jesse Curtis, said Guam's U.S. Attorney, Bill O'Connor. In exchange for his guilty plea, 46 counts alleging bribery, conspiracy, wire and mail fraud, and violation of interstate racketeering statutes were dismissed.Twelve of the counts were related directly to Guam, a U.S. territory since August 1950, said O'Connor. The balance of the counts related to fraud involving use of the Commercial Bank of Americas in transactions that did not involve Guam, O'Connor said.