A General Re executive has reportedly pleaded guilty to a charge of criminal conspiracy in relation to the company's transaction with AIG
According to reports, John Houldsworth, who formerly headed up Berkshire Hathaway's General Re reinsurance unit in Dublin, pleaded guilty to criminal conspiracy.
He will assist the US Justice Department and the Securities Exchange Commission (SEC) in their investigations into non-traditional insurance products, reports said.
Houldsworth faces up to five years in prison for his role in the 2001 transaction, which improperly boosted AIG's reserves by $500m.
More criminal lawsuits are expected to follow, reports claimed.
