Senior VP Richard Napier told court details of AIG sham
Former General Re executive Richard Napier, 58, of Wilton, Connecticut, has been given two years of probation, 400 hours of community service and fined $10,000 for helping falsify AIG financial statements, Dow Jones reports.
He pleaded guilty in June 2005 to one count of conspiring to commit securities fraud.
Napier assisted the prosecution and testified for seven days during a 2008 trial of five co-conspirators, detailing the fraudulent transaction. The five were convicted and jailed
Sham reinsurance
.Napier - then a senior vice president of Gen Re - was in a conspiracy that allowed AIG to manipulate its financial statements.
A sham reinsurance transaction increased AIG's loss reserves in 2000 and 2001. A federal court found that AIG's shareholders lost between $544m and $597m.
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