HARTFORD, CONN.–The former chief executive of General Reinsurance, on trial here for conspiracy and securities fraud, had no motive to ruin a spotless career by involvement in a sham transaction, his lawyer told a jury today.
Attorney Michael Horowitz–representing Ronald Ferguson, the former head of Gen Re, a Berkshire Hathaway unit–made his remarks here in U.S. District Court in the second day of defense summations at the trial of five insurance executives.
The group is accused of conspiring to create a sham finite reinsurance transaction that helped artificially improve the financial picture of American International Group in the fourth quarter of 2000 and first quarter of 2001.
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