Federal prosecutors unveiled a criminal indictment last week accusing three executives formerly with General Re and one from American International Group of participation in sham reinsurance transactions to pump up AIG's reserves and stock price.
The indictment did not name Maurice Greenberg, former AIG chief executive officer and chairman, who has been fingered in previous proceedings as the mastermind in a scheme that allegedly involved bogus reinsurance arrangements to improve the company's financial picture and stock performance.
In addition to the indictment by a federal grand jury in Norfolk, Va., the four were also hit with a civil suit by the U.S. Securities and Exchange Commission.
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