Another Gen Re manager gets jail
Former Gen Re CFO Elizabeth Monrad has been jailed by a US district court for 18 months and fined $US250,000 ($346,000) following her conviction in the AIG/Gen Re reinsurance scam.
Ms Monrad, 52, who was in the role from 2000 to 2003, is the fourth insurance executive to be jailed after five former Gen Re and AIG executives were convicted in March last year on conspiracy charges in a US district court in Connecticut.
Prosecutors earlier proved a sham reinsurance deal sought to inflate AIG loss reserves by about $US500 million ($692 million).
Judge Christopher Droney described Ms Monrad as a central figure. “She was the financial expert for General Re in this transaction.
“A message must be sent to the business and financial communities that this kind of conduct will not be tolerated.”
Ms Monrad remains free on bail pending an appeal.
Ms Monrad, 52, who was in the role from 2000 to 2003, is the fourth insurance executive to be jailed after five former Gen Re and AIG executives were convicted in March last year on conspiracy charges in a US district court in Connecticut.
Prosecutors earlier proved a sham reinsurance deal sought to inflate AIG loss reserves by about $US500 million ($692 million).
Judge Christopher Droney described Ms Monrad as a central figure. “She was the financial expert for General Re in this transaction.
“A message must be sent to the business and financial communities that this kind of conduct will not be tolerated.”
Ms Monrad remains free on bail pending an appeal.