General Re, AIG Execs Indicted For $500M Fraud

Law360, New York (February 2, 2006, 12:00 AM EST) -- Federal prosecutors have handed down indictments against three former executives of General Reinsurance, a subsidiary of Warren Buffett’s Berkshire Hathaway Group, and one former executive of insurance company American International Group for their involvement in a scheme that allegedly inflated AIG’s revenues by $500 million.

The complaints, both civil and criminal, name former General Re CEO Ronald E. Ferguson, former chief financial officer Elizabeth A. Monrad, former general counsel Robert Graham and former head of AIG’s reinsurance division Christian Milton.

The complaint alleges that the former...
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