It’s back to prison for John Milne, the fired president and chief financial officer of United Rentals who was convicted a decade ago of conspiring to falsify the books and records of the equipment rental company he co-founded.
A federal judge in Connecticut last week found that Milne had been leading a luxurious lifestyle while violating his supervised release by paying only a half million dollars of the $5.25 million he’d been ordered to pay once he got out of prison.
Last week, Milne, 58, of Westport, Connecticut, was sentenced by Chief U.S. District Judge Janet C. Hall in New Haven to two years and three months of imprisonment for violating the conditions of his supervised release. Records for the U.S. Bureau of Prisons indicated that as of April 9, 2018, Milne was not yet back in custody.
On March 11, 2010, Milne had been sentenced to 27 months of imprisonment, followed by three years of supervised release, for conspiring to falsify the books and records of United Rentals while serving as its CEO and president.
That sentence had come two years after a federal grand jury indicted Milne for conspiracy, securities fraud, insider trading and making false filings with the Securities and Exchange Commission, according to John H. Durham, U.S. attorney for the District of Connecticut.
Federal prosecutors had alleged that Milne used insider information when he sold 850,000 shares of United Rentals stock and made more than $22 million.
