Posted AT 2:43 PM EST on 03/11/08
Judge says loss in AIG scheme exceeds $500-million
NEW HAVEN, Conn. — A U.S. federal judge has ruled that shareholders of American International Group Inc. lost more than $500-million (U.S.) as a result of a scheme to manipulate the financial statements of the world's largest insurance company.
The ruling Friday by Judge Christopher Droney means five former insurance executives convicted of the scheme could face up to life in prison under advisory sentencing guidelines.
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