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Judge says loss in AIG scheme exceeds $500 million
Comments 0 | Recommend 0Five former insurance executives tied to American International Group Inc. face up to life in prison under a financial manipulation scheme.
The potential lengthy prison terms are the result of a federal judge's ruling that AIG shareholders lost more than $500 million under the scheme.
The ruling Friday by Judge Christopher Droney means the executives convicted of the scheme could face up to life in prison under advisory sentencing guidelines.
Four former executives of General Re Corp. and a former executive of AIG were convicted in February of conspiracy, securities fraud, mail fraud and making false statements to the Securities and Exchange Commission.
The guideline range and a sentencing date have not been set yet.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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