AIG and Prudential accountancy fraud costs Gen Re $97 million

WASHINGTON, DC – The US Securities and Exchange Commission (SEC) has reached a $12.2 million settlement with reinsurance firm General Re concerning accounting frauds at insurers American International Group (AIG) and Prudential Financial.

Separately, the Department of Justice has announced that Gen Re has agreed to pay a $19.5 million settlement to the US Postal Inspection Service Consumer Fraud Fund as part of a non-prosecution agreement in connection with a related criminal investigation into

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