NEW YORK (AFX) -- Marsh & McLennan Cos., in a move aimed at cleaning up its tarnished image, said Friday that E. Scott Gilbert has been named as the company's head of compliance. The appointment of Gilbert, a former General Electric Co. executive, comes a day after another former Marsh executive entered a guilty plea as part of an investigation into bid-rigging and steering in the insurance industry. Robert Stearns pleaded guilty to fraud charges. New York State Attorney General Eliot Spitzer sued Marsh, the world's largest insurance broker , in October for allegedly rigging bids and accepting so-called contingent commissions for steering business to favored insurers. Gilbert, as a former assistant U.S. attorney in the Southern District of New York office, prosecuted securities fraud cases and served on the Securities and Commodities Fraud Task Force. The 49-year-old Gilbert served as chief compliance counsel while at GE . He will start in his new job on Jan. 24, reporting to Michael Cherlasky, recently installed as Marsh's chief executive. Shares of Marsh & McLennan fell 42 cents to $31.26 at the close. This story was supplied by CBSMarketWatch. For further information see www.cbsmarketwatch.com.
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