A spokesman for the Connecticut U.S. Attorney's Office said today that the government seeks “substantial” prison time, but not a life term for the former chief executive office of General Reinsurance, Ronald E. Ferguson.
Mr. Ferguson was convicted in February with three other General Re. Corp. executives and one from American International Group for a variety of conspiracy charges, securities fraud and mail fraud, for participating in a sham reinsurance transaction to artificially pump up AIG's financial picture.
Tom Carson, with the U.S. Attorney's office, said the statutory maximum sentence for Mr. Ferguson, Gen Re's former chief financial officer, Elizabeth Monrad, Robert Graham, a former Gen Re senior vice president, and Christopher Milton, former AIG senior vice president, was 210 years for 16 counts.
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