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: Slaw.caDoes This Count As Overkill?
By David Cheifetz
From a story in today’s Global Reinsurance newsletter
Executives guilty in Gen Re/AIG case - 26 February, 2008
Former Gen Re and AIG executives face more than 1,000 years in prison …
Four former senior executives of General Reinsurance and one from American International Group were found guilty of securities fraud and conspiracy by a federal jury.
Collectively the five defendants face more than a 1,000 years in prison and $213.5m in fines.
This is the case where the company executives were accused of setting up phony reinsurance schemes (about $500 million worth under which Gen Re undertook no risk) to make AIG’s bottom line look better.
Full post as published by Slaw.ca on February 26, 2008 (boomark / email).
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