The Casualty Actuarial Society has issued a statement disavowing efforts by some of its members to secure a lenient sentence for Ronald Ferguson, the former General Reinsurance chief executive convicted for his role in a reinsurance accounting fraud.
In addition, on its Web site, CAS announced that its board of directors has asked for a conduct investigation of Mr. Ferguson and one of his co-defendants, Christopher Garand–both of whom are CAS members.
The CAS announcement indicates that Mr. Ferguson is the subject of a letter signed by some CAS members sent to U.S. District Court Judge Christopher Droney in Hartford, Conn., who has yet to set a sentence date for Mr. Ferguson. Mr. Ferguson faces up to 20 years in prison on the most serious charges, but court advisory guidelines typically call for shorter terms.
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