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ap

Former United Rentals executive pleads guilty

Former United Rentals president pleads guilty to conspiring to falsify books

  • On 1:03 pm EDT, Tuesday October 13, 2009

NEW HAVEN, Conn. (AP) -- The former president and chief financial officer of United Rentals Inc. has pleaded guilty to conspiring to falsify the company's records.

Federal prosecutors said 50-year-old John N. Milne of Westport pleaded guilty Tuesday in U.S. District Court in New Haven.

As part of a plea agreement, Milne faces a recommended sentence of 27 months in prison when he is sentenced Feb. 11. To resolve a separate civil action brought by the U.S. Securities and Exchange Commission, Milne has agreed to disgorge $6.25 million.

Authorities say Milne admitted that in 2003 he and others conspired to falsify the company's records, including recording falsely inflated gains, related to payments made to settle obligations from minor sale leaseback.

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