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All 5 Convicted For AIG-Gen Re Deal

HARTFORD, CONN.--Five former insurance executives with General Reinsurance and American International Group were found guilty by a federal jury today of all charges stemming from an alleged bogus reins

By Staff Writer | Updated on February 25, 2008

HARTFORD, CONN.–Five former insurance executives with General Reinsurance and American International Group were found guilty by a federal jury today of all charges stemming from an alleged bogus reinsurance deal that helped AIG improve its financial picture.

The defendants and their families showed no reaction as the jury read the verdict in U.S. District Court here. The five were convicted of sixteen counts arising from a conspiracy to create a sham finite reinsurance arrangement that helped artificially inflate AIG loss reserves by $500 million in the fourth quarter of 2000 and first quarter of 2001.

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