Connecticut federal judge Christopher Droney accepted a prosecution expert's lower estimate of losses to investors due to financial statement fraud was between $544 million to $597 million. The expert estimated using a different model, that losses could have been between $1.2 to $1.4 billion. Last February, five executives, one from AIG and four from Warren Buffet's, General Re Corp., were convicted on charges of conspiracy, securities fraud, mail fraud and making false statements to the SEC. The magnitude of the ruled upon loss means that sentencing guidelines put the defendants, Ronald E. Ferguson, left, Elizabeth A. Monrad, right, Robert Graham, Christopher P. Garand and Christian Milton, at risk for prison sentences as long as life, instead of 13 to 17 years are previously requested by the prosecution. Each defendant also faces fines as much as $46 million. The fraud involved reinsurance policies made by AIG with General Re in 2000 and 2001 to inflate reserves and its stock price.
1 comment:
This is great news. I, personally, have been in court with Wilmington Finance Inc.,(a now defunct subsidiary lender of AIG) for months. The Office of Thrift Supervision fined AIG over $170 million for their predatory lending practices, and mortgage fraud.I'm not getting a fair hearing, as a prose litigant, from the judges ( Superior & Federal court) here in Atlanta. Reading about this judgement does, hwever, restore some of my faith in the system. If there's anyone out there who might want to hear about my case and might be able to assist me, please leave your contact info @ skipponder21@gmail.com
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