More insurance execs are going to jail

Posted on March 5, 2009 by Jody Nathan

We previously reported about former General Re Corp. chief executive officer Ronald E. Ferguson being sentenced to two years for his role in a fraudulent scheme to inflate AIG's loss reserves which caused investors to lose over $500 million dollars.  Now another General Re Corp executive, Christopher Garand, has been sentenced to one year in prison and fined $200,000 for the same scheme. Garand is a former Gen Re senior vice president.  

In addition, former American International Group vice president Christian M. Milton, has been sentenced to four years in prison and fined $200,000 for his participation in the  fraudulent scheme which involved General Re Corp. and American International Group Inc. (AIG).  Other convicted former Gen Re executives are Robert D. Graham and Elizabeth A. Monrad.

 

 

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