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  11:53am EDT, 08/28/08
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Judge Rules against Former Insurance Execs

HARTFORD, Conn. (AP) - A federal judge has rejected requests to overturn the convictions of five former insurance company executives in a scheme to manipulate the financial statements of the world's largest insurance company.

The defendants, four former executives of General Re Corp. and a former executive of American International Group, were convicted of conspiracy, securities fraud, mail fraud and making false statements to the Securities and Exchange Commission.

The defendants, Ronald Ferguson, Christopher P. Garand, Elizabeth Monrad, Robert Graham, and Christian Milton, are awaiting sentencing.

In denying their motions for acquittal and a new trial, Judge Christopher Droney rejected arguments that the defendants should have been tried separately, that a witness was unreliable, and that AIG's misstatements about its loss reserves were not material to investors.


Associated Press
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