Three former executives at Berkshire Hathaway's General Re insurance unit and a former AIG executive have been indicted on charges of fraud and conspiracy, the Justice Department said Thursday. The indictment, which was returned Wednesday by a federal grand jury in Norfolk, Va., said the defendants put together a sham reinsurance transaction that allowed AIG to fraudulently report about $500 million in loss reserves "to mislead AIG's shareholders, stock market analysts and the investing public."
February 03, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Three former executives at Berkshire Hathaway’s General Re insurance unit and a former American International Group executive have been indicted by a federal grand jury on charges of fraud and conspiracy, the Justice Department announced Thursday.
The indictment was returned Wednesday by a grand jury in Norfolk, Va., charging the former executives with conspiring to make AIG’s finances appear better than they were.
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