NU Online News Service, Jan. 20, 3:33 p.m. EST
General Re Corp. has settled charges for $12.2 million that it aided schemes by American International Group and Prudential Financial, Inc. to falsify financial reports, the Securities and Exchange Commission announced.
The charges involved allegations that Gen Re arranged with AIG and Prudential to create sham reinsurance transactions that were in fact loans to the companies to cover-up decreases in their loss reserves, the SEC said.
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