Michael Nolan, the former chief financial officer of United Rentals, will serve three years of probation for making false filings with regulators that enabled him to make a profit of $11 million.
A U.S. District judge in New Haven, Conn., on Tuesday also ordered Nolan to pay restitution of nearly $1.2 million.
In December 2007, Nolan pleaded guilty to one count of making false filings with the U.S. Securities and Exchange Commission on behalf of Greenwich, Conn.-based United Rentals.
Prosecutors say Nolan and others engaged in transactions designed to falsely inflate the firm's earnings per share by improperly recognizing millions of dollars in additional profit for the fourth quarter of 2000 and the full year 2000. Nolan and others allegedly benefited personally from these inflated figures.
