FORMER GENERAL RE SENIOR VP SENTENCED TO A YEAR AND A DAY
On March 4, 2009, former General Reinsurance Senior Vice President Christopher Garand was sentenced to prison time, following his conviction for his involvement in a scheme to manipulate AIG's financial statements through finite reinsurance transactions. Mr. Garand was sentenced to one-year and one-day of jail time, two years of probation, a $150,000 fine and a Special Assessment of $1,000. Mr. Garand was ordered to surrender on April 22, 2009. Christian Milton (former VP of reinsurance for AIG), Ronald Ferguson (Gen Re's former CEO), Elizabeth Monrad (Gen Re's former CFO) and Robert Graham (former Gen Re senior VP and assistant general counsel) were also convicted in the scam. U.S. v. Garand, Case No. 06-CR-137 (USDC D.Conn. Mar. 4, 2009).
This post written by John Black.
