The former chief financial officer of United Rentals has pleaded guilty to making false filings with regulators that enabled him to make a profit of 11 million dollars.
Forty-seven-year-old Michael J. Nolan, of Raleigh, North Carolina, pleaded guilty in federal court in Bridgeport, Connecticut, yesterday to charges of making the false filings with the U.S. Securities and Exchange Commission. United Rentals rents equipment ranging from heavy machines to hand tools.
Nolan faces up to ten years in prison and a fine up to about 22 million dollars. He will also be required to pay restitution of 11 million dollars.
Authorities say Nolan and others engaged in transactions in 2000 that were designed to falsely inflate the United Rentals' earnings per share.