Ronald E. Ferguson, 66, of Fairfield, Connecticut, the former CEO of GenRe Corporation, a unit of AIG, was sentenced to 2 years in prison plus ordered to pay a $200,000 fine yesterday for his role in perpetuating a fraudulent conspiracy to fraudulently inflate the value of AIG stock. See FraudTalk's earlier post on this story here. Ferguson had been convicted by a jury on February 28, 2008 on charges of conspiracy, securities fraud, false statements to the SEC and mail fraud. His co-conspirators, Christopher P. Garand, Elizabeth A. Monrad, Robert D. Graham and Christian M. Milton were also found guilty in the case.Read the DOJ announcement here.
1 comment:
You mistakenly state that Gen Re is a subsidiary of AIG. It was a stand-alone company until it was acquired by Berkshire Hathaway in December 1998. AIG never owned it, although the two companies worked extremely closely together.
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