Hi,
According to Bloomberg, Four former executives of General Reinsurance Corp. and a former American International Group Inc. executive were convicted of fraud charges for helping to deceive AIG investors through a sham transaction in a scheme in which AIG paid Gen Re as part of a secret side agreement to take out reinsurance policies with AIG in 2000 and 2001, propping up its stock price and inflating reserves by $500 million.
Five former insurance company executives were found guilty Monday of a scheme to manipulate the financial statements of the world's largest insurance company, American International Group Inc. Both Greenberg and Warren Buffett, chairman of Omaha, which owns General Re. are not charged with a crime, and both denied wrongdoing.
The defendants face maximum terms of 20 years on the most serious charges. Advisory guidelines typically call for lesser terms. Sentencing is set for May 15. Each defendant is free on $1 million bond.
For more information about The Fraud Trial read my pervious posted about:
The Fraud Trial
Buffett Testify In Fraud Trial Update
Buffett Testify In Fraud Trial
More News about The Fraud Trial:
Former General Re, AIG Executives Convicted of Fraud (Update5)
Ex-bosses convicted of AIG fraud
Five Former Insurance Execs Found Guilty
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