A former managing director at insurance giant Marsh & McLennan pleaded guilty in New York Supreme Court last week to bid-rigging and price-fixing.
According to a report from the Associated Press, 50-year-old Kathryn Winter of Manhattan pleaded guilty to one felony count of scheming to defraud. Winter admitted that between 2001 and 2004, her actions "resulted in clients being tricked and deceived by a deceptive bidding process," the AP reported.
In accordance with her plea agreement, Winter will cooperate with a continuing investigation and testify when necessary. Justice James A. Yates said Winter's sentence would hinge on the degree of her cooperation with the investigation and could be anything from probation to prison.
Winter told the court that she conspired with employees of other insurance companies, such as AIG, Zurich and ACE, to intentionally cause noncompetitive quotes to be conveyed to Marsh clients under false and fraudulent pretenses.
Winter resigned from Marsh two weeks ago. Last month, Marsh agreed to pay $850 million in restitution to end the investigation.