John N. Milne, Falsifying Books and Records, Connecticut 2010

Rental Exec Fails to Pay $5.25M

Westport, CT – JOHN N. MILNE, 58, of Westport, was sentenced to 24 months of imprisonment for violating the conditions of his supervised release.

MILNE, a citizen of Canada and a lawful permanent resident of the U.S., was originally sentenced to 27 months of imprisonment and three years of supervised release in 2010 for conspiring to falsify the books and records of United Rentals, Inc. while he served as its President and Chief Financial Officer.

According to court documents and statements made in court, MILNE was ordered to pay the remaining $5.25 million to the SEC as a condition of his supervised release.

Since his release from prison in May 2012, MILNE has paid approximately $500,000 of the $5.25 million of disgorgement that was due. Chief Judge Hall found that, based on MILNE’s income and expenditures on luxury services, personal items and travel, he had the ability to pay much more.

MILNE repeatedly failed to make additional disgorgement payments, and the Court had previously continued the hearing on multiple occasions to provide him the opportunity to do so. He also violated his supervised release by traveling out of Connecticut without the permission of the U.S. Probation Office.

As part of his original sentence, MILNE agreed to disgorge $6.25 million in a resolution of a separate civil action brought by the U.S. Securities and Exchange Commission (SEC v. John N. Milne, 3:08CV505). He paid $1 million to the SEC prior to his sentencing in 2010.

The case was prosecuted by Assistant U.S. Attorney Michael S. McGarry with the assistance of the U.S. Securities and Exchange Commission. Judge Janet C. Hall handed down the sentence in New Haven.

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