Federal prosecutors in Connecticut say a scheme to manipulate the financial statements of the world’s largest insurance company, American International Group Inc., resulted in a loss of more than $1 billion.
Four former executives of General Re Corp. and a former executive of American International Group (AIG, Fortune 500) were convicted in February of conspiracy, securities fraud, mail fraud and making false statements to the Securities and Exchange Commission fast cash now. They await sentencing.
One of the defendants, Christopher Garand, says in court papers that the government contends the loss from the scheme exceeded $1 billion.
A spokesman for the U.S. attorney’s office in Connecticut declined Friday to comment, saying prosecutors will respond in court.
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