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Yes and no. The plea of a co-defendant cuts both ways. On the one hand, the prosecution may be able to suggest guilt by association and conspiracy. However, the fact that the other person has already confessed to the crime gives the defense the ability to point the finger and say that the real perpetrator has already been found guilty. Sometimes that can be a very successful strategy, since neither the co-defendant nor his lawyer would be at the trial to undermine that theory of defense.