14.03.2010

Milne sentenced to 27 months

John Milne, 50, former president and chief financial officer of United Rentals, has been sentenced by a federal court to 27 months in prison for conspiring to falsify the company’s records.

He has also been ordered to perform 200 hours of community service during the three year following his prison term when he will be under the supervision of the probation service.
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John Milne

In a separate civil action brought by the Securities and Exchange Commission (SEC), Milne has also agreed to forfeit $6.25 million of his personal gains.

Milne pleaded guilty to one count of conspiracy to falsify the books and records of United Rentals during the time he was the company’s chief financial officer and admitted that he and others conspired to falsify United Rentals’ books and records, including hiding payments made to settle obligations incurred as a result of sale leaseback transactions with some of its equipment suppliers, including Terex and JLG, thus inflating the gains on the deals.

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