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Former General Re Executive Sentenced For Fraud

Posted on 02 Apr 2009

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Elizabeth Monrad, a former chief financial officer of General Re, was sentenced in Hartford Thursday to 18 months in prison for conspiring with four others in a fraudulent scheme to manipulate the financial statements of American International Group (AIG).

Monrad, of New Canaan, and three other former General Re executives and one from AIG were convicted by a federal jury in Hartford in February 2008. She was found guilty on charges of conspiracy, securities fraud, false statements to the Securities and Exchange Commission, and mail fraud.

Judge Christopher Droney in U.S. District Court in Hartford also imposed a fine Thursday on Monrad of $250,000.

Monrad, who was chief financial officer of Stamford-based General Re from about June 2000 through July 2003, had initially faced a maximum prison term of 210 years and fine of up to $46 million.