A former executive with global insurance brokerage firm Marsh has pleaded guilty to misdemeanor fraud charges related to the contingency fee abuses that have rocked the industry.
The office of New York State Attorney General Eliot Spitzer confirmed that Todd Murphy, a former senior vice president in the Excess Casualty Division of Marsh's Global Broking Unit, entered a plea in Manhattan Criminal Court admitting that he engaged in a scheme to defraud clients.
He is the fourth Marsh executive to enter a guilty plea. Mr. Murphy, who lives in Connecticut, could face up to one year in prison, but prosecutors said he is cooperating with investigators and has agreed to testify in future cases.
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