Elizabeth Monrad, left and Ronald Ferguson, right, former CFO and CEO, respectively, of General Re Corp., who were recently convicted of fraud for their role in manipulating the financial statements of the company, filed a petition Friday to reduce guidelines for their prison sentences. Monrad and Ferguson, who along with other Ge Re executives were convicted of conspiracy, securities fraud, mail fraud and making false statements to the Securities and Exchange Commission, argued that neither benefited personally nor were their actions the cause of American International Group's recent downfall. Monrad's brief stated in part, "The circumstances of this case offer no basis for treating Ms. Monrad, a first-time defendant convicted of a nonviolent offense, more harshly than murderers, rapists, arsonists or drug kingpins." They are scheduled to be sentenced on December 16th.See FraudTalk's earlier post on this case here.
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2 comments:
I have followed this case from the beginning and these folks should be out on probation and home with their families. These are in no way evil self seeking people. They are highly successful business leaders who may have made bad decisions. Prison is not the answer. Ethics training yes, taking them away from their families no. The jails would be more full than they already are if everyone wo made poor ethical decisions were incarcerated. Ithink tjhe hell they have already gone through should be enough.
I have followed this case from the beginning and these folks should be out on probation and home with their families. These are in no way evil self seeking people. They are highly successful business leaders who may have made bad decisions. Prison is not the answer. Ethics training yes, taking them away from their families no. The jails would be more full than they already are if everyone who made poor ethical decisions were incarcerated. Ithink the hell they have already gone through should be enough.
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