Tech & Biz

Monrad Sentenced to 18 Months over AIG Fraud

by Jordan Yerman | April 2, 2009 at 09:46 am

219 views | 10 Recommendations | 2 comments

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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Paschen

at 09:40 on April 4th, 2009

18 years would have been more appropriate.

victor heymann (not verified)

at 06:02 on May 18th, 2009

again, white collar crime, no matter how much damage is done goes relatively unpunished. Monrad's cohort in the scheme, Robert Graham recieved a $100,000 fine and one year in prison. a scheme to defraud stock holders, policy holders and ultimately assisted in the destruction of aig goes virtually unpunished.

our system is truly untrust and broken. we need to hold people accountable for their actions