Four former executives at General Reinsurance Corp. and one at American International Group Inc. (AIG:US), facing a retrial on accounting fraud charges, reached a resolution of the criminal case, according to a court filing.
The filing today by the U.S. Justice Department in federal court in Connecticut doesn’t specify the resolution with prosecutors.
Former General Re Chief Executive Officer Ronald Ferguson, ex-Chief Financial Officer Elizabeth Monrad, ex-Senior Vice President Christopher Garand, ex-Assistant General Counsel Robert Graham, and former AIG Vice President Christian Milton faced a Jan. 22 retrial on charges of defrauding AIG investors.
The U.S. Court of Appeals in New York in August ordered a new trial, reversing the executives’ 2008 convictions. Prosecutors said their scheme involved a sham transaction in 2000 and 2001 to inflate AIG’s loss reserves by $500 million.
The case is U.S. v. Ferguson, 06-cr-137, U.S. District Court, District of Connecticut (Hartford).
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