HARTFORD, CONN.--An executive, who pleaded guilty to a role in an accounting fraud by American International Group, told a federal jury he admitted his guilt because he believed he was wrong in doing what he did.
John Houldsworth, a former chief executive at Cologne Re Dublin, testified as a government witness at the trial of five other executives accused of participating in a scheme to inflate AIG loss reserves by $500 million.
Mr. Houldsworth in 2005 pleaded guilty to one count of conspiracy to file false financial reports, falsify bank records and accounts and mislead auditors.
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