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Former Gen Re Exec Settles AIG Charges

'The defendant helped to structure a sham transaction designed solely to enable AIG to achieve a specific, and false, accounting result.'

> > John Houldsworth, a former senior executive of General Re, and the SEC have agreed to a partial settlement of charges stemming from transactions with American International Group Inc., according to the SEC.
Houldsworth is the first individual to face criminal charges in a government probe of accounting abuses at AIG, according to Bloomberg. He is reportedly cooperating fully with the DoJ and the commission.
Source: CFO


Published:2005-06-08
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