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In the Courts
Former AIG Employees' Fraud Caused More Than $500 Million in Losses
A fraudulent reinsurance contract between American International Group, Inc. (“AIG”) and General Reinsurance Corp. (“Gen Re”) resulted in more than $500 million in losses to investors, according to an Oct. 31, 2008 ruling issued by United States District Court Judge Christopher F. Droney. The losses arose from a loss portfolio transfer (“LPT”) reinsurance transaction negotiated between AIG and Gen Re. Five defendants were convicted for their role in the fraud and will be sentenced this month.
Most of Judge Droney's ruling was dedicated to resolving the amount of loss associated with the fraud. The presentence report for all five defendants concluded that the amount of loss, as that term is defined in U.S.S.G. ' 2B1.1, could not reasonably be determined. Rather than relying on the amount of loss, the presentence report found that Gen Re gained $5 million from the LPT, which would have added 18 levels to the defendants' guidelines calculations. The government and defendants objected to the presentence report and offered expert testimony on the issue of loss.
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