Three former General Re executives and one ex-AIG executive have been indicted with multiple counts of fraud over controversial reinsurance transactions between the two companies.
The Department of Justice said that the people indicted were: Ronald Ferguson, Gen Re chief executive from about 1987 through September 2001, Elizabeth Monrad, Gen Re's chief financial officer from about June 2000 through July 2003, Robert Graham, Gen Re assistant general counsel from about 1986 through October 2005, and Christian Milton, AIG's vice president of reinsurance from about April 1982 until March 2005.
The agency said they were charged with one count of conspiracy to commit securities fraud, four counts of securities fraud, two counts of causing false statements to be made to the Securities and Exchange Commission, four counts of wire fraud and two counts of mail fraud.
If convicted of all charges, the defendants each face a maximum of 95 years in prison and more than $7m in fines, the Department of Justice said.
Ferguson, Monrad, Graham and Milton were also charged with securities fraud by the SEC.
Another former General Re executive – ex-senior vice president Christopher Garand – was charged with securities fraud by the SEC but wasn't indicted by the DOJ.
The case stems from reinsurance transactions in late 2000 and early 2001 between AIG and General Re that helped AIG artificially inflate its loss reserves by $500m.
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