The fallout from the financial scandal at American International Group Inc. continues, as a former executive was sentenced Tuesday to four years in prison for his role in a reinsurance deal that prosecutors report misled AIG investors. Christian Milton, 61, a former AIG vice president of reinsurance, and four former executives at Berkshire Hathaway Inc's General Re Corp business were found guilty last year of conspiracy and fraud. Along with his prison sentence, Milton also must pay a $200,000 fine.
According to prosecutors, a finite reinsurance transaction with General Re that allowed AIG to improperly increase its loss reserves by $500 million in 2000 and 2001 is what led to the guilty finding.
Milton, who worked at AIG for more than 20 years, is scheduled to report to federal prison on March 25.
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