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Alexandria, Va.–Former Cologne Re Dublin Chief Executive Officer John Houldsworth pleaded guilty in federal court today to conspiring with executives of American International Group and Gen Re in a phony accounting transaction that helped AIG improve its financial picture.

Mr. Houldsworth’s action in U.S. District Court here came as part of a plea agreement with the U.S. Justice Department and U.S. Attorney’s Office for the Eastern District of Virginia, which subjects him to a possible sentence of up to five years and a $250,000 fine for one count of conspiring to violate federal securities laws.

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