RenRe Exec Found Liable For Sham Reinsurance Deal

Law360, New York (January 28, 2009, 12:00 AM EST) -- The former CEO of property reinsurance company RenaissanceRe Holdings Ltd. has been ordered to pay a $100,000 civil penalty for participating in a sham reinsurance deal designed to smoothe out earnings disparities.

In an opinion issued Tuesday, Judge Gerard E. Lynch of the U.S. District Court for the Southern District of New York found James Stanard liable for fraud violations, for books and records violations and for making false and misleading statements to auditors.

In addition to the fine, Stanard was permanently enjoined from future violations...
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