More guilty pleas added to Spitzer’s roster

Four more guilty pleas have recently been added to the roster of charges relating to the Spitzer’s bid rigging investigations.
The most recent please come from three former Marsh & McLennan brokers. In addition, a former Zurich Financial underwriter divulged his involvement in the bid rigging for excess casualty insurance.
Former Marsh brokers Regina Hatton and Todd Murphy, all in the Company’s global brokerage unit are the most recent Marsh employees to plead guilty. James Spiegel, former senior underwriter in the excess casualty unit of Zurich Financial Services, is the third ex-Zurich employee to admit guilt.
Michaels and Murphy plead guilty to lesser, misdeameanor charges while Hatton and Spiegel admitted to scheming to defraud in the first degree, which may deliver a prison sentence anywhere from 16 months to four years.
Marsh brokers including Hatton, Michaels and Murphy illegally approached insurers to submit losing bids thus ensuring that incumbent carriers retained business.
Spiegel, working in a department exclusive to Marsh brokerage, adhered to these requests.
To date, a total of 14 executives plead guilty to criminal charges, with almost half (six) coming from ex-Marsh employees and four from American International Group. Only three were affiliated to Zurich and one was Ace Ltd.
Marsh stock value has fallen by 40% since the investigations were implemented.