Former United Rentals, Inc. President and CFO sentenced for falsifying company books
March 12th, 2010 - 1:58 am ICT by BNO NewsHARTFORD, CONNECTICUT (BNO NEWS) – Former United Rentals, Inc. (URI) President and Chief Financial Officer was sentenced for falsifying company books in Connecticut, prosecutors said Thursday.
John N. Mile, 50, of Westport, Connecticut, was sentenced to 27 months of imprisonment, followed by three years of supervised release for conspiring to falsify the books and records of URI to hide the true nature of certain payments made to resolve obligations sustained as a result of minor sale leaseback (MSLB) transactions entered into by URI.
Mile executed a contract on behalf of URI with Terex Corporation on December 31, 2002, agreeing to make a payment to Terex to cover losses incurred by Terex in connection with one of MSLBs.
In January 2003, URI wired $8,777,172 to Terex as a payment. URI later paid Terex $4,030,328 in March, to settle amounts owed to Terex on an MSLB with another manufacturer that Terex had acquired, but the check for the second payment falsely stated that the payment was for the purchase of equipment.
“We hope that this investigation and prosecution, and the prison term imposed today, will deter corporate executives from falsifying company financial information,” stated U.S. Attorney Dannehy.
In addition, Mile has agreed to pay $6.25 million.
- New York cocaine trafficker sentenced - Feb 13, 2010
- Nigerian national charged for Internet "advance fee" fraud scheme - Feb 17, 2010
- Hartford man sentenced to 27 months for role in drug ring - Feb 19, 2010
- Bernard Madoff's son, Mark, found dead on second anniversary of father's arrest - Dec 11, 2010
- Stratford, CT businessman sentenced for $2 million fraud - Apr 13, 2010
- Boeing, Emirates announce $18-bn order for 50 777-300ERs - Nov 13, 2011
- Prosecutors launch Madoff investigation into bank and investigation company - Apr 07, 2010
- Two former employees of Bernard Madoff arrested - Nov 19, 2010
- Hartford woman pleads guilty in bank fraud scheme - Feb 13, 2010
- Romanian citizen sentenced for participating in a Connecticut phising scheme - Feb 10, 2010
- Bridgeport, CT man sentenced for marijuana growing operation - Feb 06, 2010
- Ellington, CT woman sent to prison after stealing $1.7 million - Feb 12, 2010
- President Barack Obama's Former Jeep Auctioned For $26,437.50 - May 12, 2010
- NHPC never had ownership rights over power projects: Kashmir - Jan 10, 2012
- Connecticut heroin dealer sentenced to two years in prison - Feb 12, 2010
Tags: bno, cfo, chief financial officer, company books, corporate executives, december 31, financial information, hartford connecticut, imprisonment, losses, mslb, prosecution, prosecutors, sale leaseback, supervised release, terex, true nature, united rentals inc, uri, westport connecticut