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SEC Charges Three In RenaissanceRe Scandal

Law360 (September 27, 2006, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has slapped a trio of former RenaissanceRe Holdings Ltd. executives with civil fraud charges, accusing the group of participating in a sham reinsurance deal involving a $26 million earnings restatement.

The agency announced the action on Wednesday, revealing that former chief executive James Stanard, former controller Martin Merritt, and former officer Michael Cash had been charged in federal court in Manhattan.

"This is another case arising from our ongoing investigation of the misuse of finite reinsurance to commit securities fraud,"...
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