3 More Execs Plead Guilty in Ongoing Spitzer Insurance Brokerage Probe

Former employees of Marsh & Mclennan, Inc, and Zurich Financial Services have pleaded guilty to bid rigging in insurance charges brought by New York Attorney General Eliot Spitzer.

According to the Washington Post, Regina Hatton and Nicole Michaels, both formerly of Marsh, pleaded guilty in state court to single felony counts of scheming to defraud. Jim Spiegel, who had worked at Zurich, pleaded guilty to a one felony count of restraining competition and trade.

Since Spitzer began his probe into the compensation and placement practices of large insurance brokerage houses, 14 executives have admitting wrongdoing.

Latest Comments

• August 8, 2005 at 4:00 am

  Once Before says:

  Wanted me to fudge loss runs, white them out actually. Guy was issuing bogus binders, doing a lot of scary stuff. So I left. If it feels wrong, it is wrong.
• August 8, 2005 at 2:23 am

  jim Howse says:

  "Doing what they were told to do to keep their jobs"? Hey that's what's wrong with the whole mess top to bottom. Individual integrity is a must. It's still lying and cheati... read more
• August 8, 2005 at 11:27 am

  Bill says:

  As employees, they were probably merely doing what they had been told to do to keep their jobs.