Monrad Sentenced to 18 Months over AIG Fraud
Jordan Yerman | April 2, 2009 at 09:46 amby
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Elizabeth Monrad, former CFO of Gen Re, has been sentenced to 18 months in prison for fraud. The charges stem from a manipulation of AIG's financial statements, which ended up costing AIG shareholders over $500 million.
Monrad, 54, of New Canaan, and three other former General Re executives and one from AIG were convicted by a federal jury in Hartford on Feb. 25, 2008. She was found guilty on charges of conspiracy, securities fraud, false statements to the Securities and Exchange Commission, and mail fraud.
Previously, on Lost (Assets):
Monrad spoke about her defense strategy as one of her co- defendants nears the first sentencing. Prosecutors said former General Re Chief Executive Officer Ronald Ferguson joined Monrad and others who illegally helped AIG add $500 million in loss reserves, a key indicator of an insurer’s health. Ferguson will be sentenced Dec. 16. No date has been set for Monrad.
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