The former treasurer of Anaconda Co. pleaded guilty to three felony charges yesterday, and two of his business associates were indicted for their part in an alleged $34 million loan fraud.

Federal prosecutors in New York charged that the former Anaconda official, Charles H. Kraft, helped obtain fraudulent loans for Nicholas Reisini, former president of Cinerama Inc., and James L. Fallon, former president of Standard Securities Corp.

Reisini and Fallon were named in identical eight-count fraud indictments after Kraft pleaded guilty to charges after plea bargaining.

Ht indictments charge that Fallon and Reisini obtained more than $34 million in loans from several banks after Kraft falsely told the banks that Anaconda would stand behind the loans.

Kraft allegedly forged the signature of another Anaconda officer on loan papers purporting to show the company's ties to towo companies controlled by Fallon and Reisini, Robin International Inc. of New York and General Acquisitions and Development Corp. of California.

The indictments charge that Kraft got a $13,000 Citroen, art objects and the promise of almost $1 million in cash for his part in the scheme.

The phony loan guarantees were discovered last summer after Anaconda merged with Atlantic Richfield Co. In the process, Kraft's job as treasurer was eliminted.

The scheme was exposed when one of the banks sent a routine confirmation of one of the loans to th person who assumed Kraft's duties, an Arco executive said.

Arco had no records of the transaction, so executives called the police. Anaconda's liability for the phony guarantees-if there is any-is expected to be covered by insurance, the representative said.

Reisini 73, of New York, and Fallon, 60, of Newport Beach, Calif., allegedly used the fraudelently obtained millions in several unprofitable business ventures.

Kraft did not directly receive any of the money from the loans, prosecutors said.

In an effort to prevent the scheme, Reisini borrowed more money and used it to pay off earlier loans they had obtained with the aid of Kraft, the indictments allege.

The indictments say a $4 million loan to Marine Midland Bank of New York and $3.1 million of a $4.9 million loan from Wells Fargo Bank of San Francisco were repaid with proceeds of an $11.2 million loan from Bankers Trust Co. of New York.

When the pyramid of loans collapsed, Bankers Trust was the biggest loser; none of it's $11.2 million has been repaid. Bank of New York still is owed $5 million on an $11.5 million debt, and Wells Fargo is owed $1.8 million.

Kraft who pleaded guilty without going through the usual grand jury indictment process, faces a possible maximum sentence of 15 years in prison and a $12,000 fine.

Reisini and Gallon could go to jail for up to 28 years and be fine up to $42,000 if found guilty of the charges of conspiracy, fraud, making false statements to banks and interstate transportation of stolen funds.