HARTFORD, CONN.–An attorney hired for an American International Group internal investigation of a disputed 2000 General Reinsurance deal that prosecutors charge was a sham to help artificially bolster reserves testified today that the answers he got didn't add up.
Government witness Martin Flumenbaum gave evidence here in U.S. District Court at the trial of five insurance executives. They are accused of conspiring in a bogus reinsurance transaction in the fourth quarter of 2000 and first quarter of 2001 to permit AIG to falsely improve its reserve picture by hundreds of millions in order to boost the company's stock price.
The accused are Ronald Ferguson (former Gen Re chief executive officer), Elizabeth Monrad (Gen Re's former chief financial officer), Christopher Garand (a former Gen Re senior vice president), Robert Graham (Gen Re's former senior vice president and counsel) and Christian Milton (former AIG vice president for reinsurance).
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