United Rentals Co-Founder Indicted as Fraud Probe Widens - ENR | McGraw-Hill Construction

Description:
Federal attorneys have charged John N. Milne with civil and criminal violations that could force him to pay fines of $13.25 million, give up $17 million in stock profit and serve up to 75 years in jail. Milne, co-founder of Greenwich, Conn.-based United Rentals Inc. and its former president, finance and acquisitions chief, is the third executive to be charged under a widening probe into the world’s largest rental operator’s accounting. The roll-up firm fired Milne in 2005 after he refused to cooperate with an internal review of six sale-leasebacks, whose “interlocking” terms were hidden from auditors and wrongfully posted as profit, says the federal complaint. Westport, Conn.-based Terex Corp. was allegedly involved in two ...

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