April 6, 2018

Ex-United Rentals exec back to prison

The ex-president and finance chief of Greenwich construction-equipment and tools lessor United Rentals Inc. is headed back to federal prison for two more years for failing to repay the millions he misappropriated while running the company, prosecutors say.

John N. Milne, 58, of Westport, was sentenced Thursday in New Haven federal court to an additional 24 months for violating terms of his supervised release, the Connecticut U.S. Attorney's Office said.

Milne was convicted in 2009 and sentenced in 2010 to 27 months in federal prison, plus three years of supervised release, for conspiring to falsify United Rentals' books and records while its president and chief financial officer.

According to investigators, Milne served his original sentence and was released in May 2012. Afterward, Milne barely made a dent in the $5.25 million balance of a disgorgement order imposed on him in connection with his sentence, prosecutors said Thursday.

Milne, before he was originally sentenced, repaid $1 million to the Securities and Exchange Commission, which successfully sued him to recover $6.25 million, they said.

Following his release, Milne paid the SEC another $500,000, then stopped repayments despite an investigative finding that he was spending unspecified sums on travel, luxury and personal items, and had sufficient financial resources to repay what he owed, authorities said.

Milne, a Canadian citizen who is a lawful U.S. resident, also violated his probation when traveled beyond Connecticut without permission from federal probation authorities or the court, investigators said.

Comments
Free E-Newsletters

Sign up now for our daily and weekly
e-newsletters! Click Here

 
Today's Poll How will the Yard Goats' attendance fare in 2018?<>
ADVERTISEMENTS
Most Popular on Facebook
Copyright 2017 New England Business Media