Defendant Name:
General Re Corporation
Defendant Type:
Subsidiary of Public Company
Document Reference:
2010-10
Document Details
Legal Case Name
Document Name
SEC Charges General Re Corporation for Role in AIG and Prudential Accounting Frauds
Document Date
20-Jan-2010
Document Format
Civil Proceeding
Case Number
10-cv-00458
Federal District Court
New York, Southern District of New York
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On January 20, 2010, the SEC charged General Re Corporation for its involvement in schemes by AIG and Prudential Financial, Inc. to manipulate and falsify their reported financial results. Among other allegations, the Commission asserts that a foreign subsidiary of Gen Re entered into two sham transactions with AIG in 2000 "to improperly allow AIG to reverse the declining reserve trend and falsely report additions to both loss reserves and premiums written."
Disgorgement & Penalty Information
Resolutions
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Total Penalty
Individual:
$12,200,000.00
Shared: