Billy Preston Indicted On Fraud Charge

Billy Preston, Days Of The New, Bruce Springsteen, Pearl Jam, Neil Finn, Eric Anderson, Lou Reed...

Grammy-winner Billy Preston, his manager and five others were indicted by the

Los Angeles County Grand Jury on Monday for allegedly collecting more than $1 million

in fraudulent insurance claims, according to Sandi Gibbons of the district attorney's

media-relations office. The group allegedly set fire to their own residences and staged

burglaries and car accidents between 1991 and September of this year. Preston (born

William Everett Preston), who performed with the Beatles and the Rolling

Stones and wrote the classic "You Are So Beautiful," faces a maximum of 20 years

in prison, as do each of the other defendants.