Appeals court tosses out AIG-Gen Re fraud convictions
HARTFORD, Connecticut (AP) A federal appeals court has thrown out the fraud convictions of five former executives from American International Group Inc. and Stamford-based General Re Corp.
The five had been convicted in a $500 million fraud case. But the 2nd U.S. Circuit Court of Appeals on Monday sent the case back to U.S. District Court in Hartford, Conn., for another trial.
Prosecutors had alleged the executives were part of a fraud in which New York-based AIG paid Stamford-based Gen Re in a secret deal to take out reinsurance policies with AIG in 2000 and 2001.
The appeals court found that the trial judge abused his discretion by admitting stock-price data during the trial. It says the judge also gave improper instructions to the jury.
All five executives had been sentenced to prison.
Need to
Know
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
