Ex-AIG Exec Gets Four Years in Fraud Scheme

Ex-AIG Exec Gets Four Years in Fraud Scheme - 1/27/2009

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2009 News and Press Releases

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HEADLINES \| SETTLEMENTS AND DISMISSALS \| COURT FILINGS LINKS TO OTHER NEWS \| NEWS ARCHIVE	HEADLINES ARCHIVED SETTLEMENTS AND DISMISSALS ARCHIVED

HEADLINE NEWS:

Ex-AIG Exec Gets Four Years in Fraud Scheme, Former Vp Of Reinsurance Was Convicted Along With Four Former Officers Of General Re Unit, Including Its Ex-CFO.
Stephen Taub

CFO.com. January 27, 2009
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EXCERPT: A federal judge sentenced a former American International Group executive to four years in prison for his role in a $500-million fraudulent scheme to manipulate AIG's financial statements. The ex-AIG vice president of reinsurance, Christian M. Milton, together with four former officials of AIG's General Re unit, were convicted a year ago in the case. Milton, who served in the reinsurance post from April 1982 until March 2005, had two years of supervised release added to the four-year sentence by the judge in Hartford, Conn. Milton also was ordered to pay a $200,000 fine. Last February, he was found guilty of conspiracy, securities fraud, making false statements to the Securities and Exchange Commission, and mail fraud. One of the former General Re executives convicted with him, ex-CEO Ronald E. Ferguson, was sentenced to two years in prison and ordered to pay a $200,000 fine. Ferguson had been chief executive from 1978 through September 2001. Still awaiting sentencing are ex-CFO Elizabeth A. Monrad and former senior vice presidents Robert D. Graham and Christopher P. Garand. The five were convicted on all counts presented in the 16-count superseding indictment. […] Monrad, who is scheduled to be sentenced on Feb. 12, was Gen Re's chief financial officer from June 2000 through July 2003. Graham was its senior vice president and assistant general counsel from 1986 through October 2005. Garand, a Gen Re senior vice president and the head and chief underwriter of Gen Re's finite reinsurance operations in the U.S. from 1994 until August 2005, also was a directors of Cologne Re Dublin, a Gen Re entity.

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