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Prison Sentence Announced for Former Gen Re Exec Garand

Posted on 13 Mar 09

Christopher Garand, a former General Re Corp. executive, was sentenced by Connecticut Judge Christopher Droney to prison for one year and one day for his role in orchestrating a finite reinsurance transaction scam between Gen Re and American International Group Inc. (AIG).

Once again, Judge Droney rejected federal sentencing guidelines in sentencing Mr. Garand, who is the third of five former Gen Re and AIG officials to be sentenced since they were convicted in February 2008.

Mr. Garand, 59, was also sentenced to two years' supervised release and was fined $150,000.

Mr. Garand's attorney, Robert J. Cleary of Proskauer Rose L.L.P. in New York, indicated that he would request bail pending appeal.