3 More Execs Plead Guilty in Ongoing Spitzer Insurance Brokerage Probe

August 4, 2005

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.