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Former AIG Executive Sentenced For $500M Fraud

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Jan 27, 2009 11:07 am US/Eastern

Former AIG Executive Sentenced For $500M Fraud

Timeline: U.S. Credit Crunch & Financial Failures

HARTFORD, Conn. (AP) ―

Click to enlarge 1 of 1: Christian Milton, a former AIG executive, was sentenced to 4 years in prison for fraud. (File)
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Timeline: U.S. Credit Crunch & Financial Failures

A former executive of American International Group Inc. has been sentenced to four years in prison in a fraud case that authorities say cost shareholders more than $500 million.

Christian Milton of Winnewood, Pa., declined to comment during a hearing in Hartford federal court on Tuesday. He was ordered to report to prison March 25, and his lawyers say they're working on an appeal.

Milton was convicted last year of conspiracy, securities fraud, mail fraud and making false statements to the Securities and Exchange Commission.

Milton, 58, was AIG's vice president of reinsurance from about April 1982 until March 2005.

Prosecutors say the fraud involved executives from AIG and General Re Corp. propping up AIG's stock price and inflating reserves by $500 million.