Former General Reinsurance executive Christopher P. Garand has been sentenced to serve a year and a day in prison following his conviction for being involved in a scheme to manipulate American International Group's financial statement.
In addition to his prison term, the former Gen Re senior vice president and assistant general counsel also was sentenced to serve two years of supervised release and pay a $150,000 fine by Federal District Court Judge Christopher F. Droney, sitting in Hartford, Conn. Mr. Garand had faced a maximum prison term of 150 years and a fine of up to $29.5 million.
Mr. Garand, along with four others, was convicted in February 2008 of 16 counts that included conspiracy, securities fraud, making false statements to the Securities and Exchange Commission, and mail fraud.
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