Thursday, January 29, 2009
Former AIG Exec Gets 4 Years For Financial Statement Fraud
Christian M. Milton, 61, of Wynnewood, Pennsylvania, the former Vice President for Reinsurance at American International Group, was sentenced yesterday to four years in prison and ordered to pay a $200,000 fine for his role in manipulating the financials of the company. Milton, a 23 year veteran of the company, along with four other executives of the company's subsidiary, General Re Corporation, was convicted on charges of conspiracy, securities fraud and making false statements to the SEC. Other executives convicted in the case include: Ronald E. Ferguson, General Re's former CEO, who was sentenced to two years in prison last month; Elizabeth A. Monrad, General Re's former CFO, who is scheduled to be sentenced on February 12th; Christopher P. Garand, General Re's former SVP in charge of reinsurance, who is scheduled to be sentenced March 4th; and Robert D. Graham, Gen Re's former general counsel, who's sentencing has not yet been scheduled.
Read the DOJ's announcement here.