Judge Upholds Convictions of AIG, Gen Re Execs

HARTFORD, Conn. - A Connecticut federal judge has refused to overturn the convictions of five former insurance executives who were found guilty in March of conspiring to create a sham reinsurance transaction that inflated American International Group's loss reserves by $500 million. United States of America v. Ferguson, et al., No. 3:06CR137 (D. Conn.).

Judge Christopher F. Droney of the District of Connecticut found that the evidence supported the jury's finding that the misstatements regarding AIG's loss reserves were material.

Ronald E. Ferguson, Christopher P. Garand, Robert D. Graham, Christian M. Milton and Elizabeth A. Monrad were accused of …