Third Exec Charged Over United Rentals Fraud

Law360, New York (April 11, 2008, 12:00 AM EDT) -- Former United Rentals Inc. Vice Chairman John Milne has been slapped with civil and criminal charges, with regulators and prosecutors alleging that Milne participated in a scheme to inflate the company's earnings.

In suits filed earlier this month, both the U.S. Securities and Exchange Commission and the U.S. Department of Justice alleged that Milne committed fraud by engaging in an accounting scheme aimed at meeting earnings forecasts.

The suits claim that Milne, aided by then-Chief Financial Officer Michael Nolan, created a series of “interlocking three-party sale-leaseback...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.