Law360, New York (April 30, 2009) — A former senior vice president of General Re Corp. has been ordered to spend just over a year in jail, becoming the last Gen Re executive to be sentenced in connection with an alleged fraud scheme that cost shareholders of American International Group Inc. close to $600 million.
On Thursday, U.S. District Judge Christopher Droney sentenced Robert Graham to spend a year and one day in prison as well as pay a $100,000 fine, far short of the…
General Re has been linked to Union Excess Reinsurance Co. Ltd. and Capco Reinsurance Co. Ltd. Both are Barbados companies. See previous post: Enron, AIG, PricewaterhouseCoopers and today’s Barbados Offshore Companies
This 2006 SEC complaint alleges: “103. AIG structured a sham transaction designed to convert underwriting losses to investment losses by moving them to an off-shore entity, Capco, a Barbados reinsurer.”
This old SEC report lists “Cologne Reinsurance Ltd., Reinsurer, Barbados” as a subsidiary of General Re.
I wonder if any Bajans will have to answer for this?