ex-CEO Ronald Ferguson and ex-CFO Elizabeth Monrad — and one worked at AIG.

Five former insurance company executives were convicted today in Hartford, Conn., for deceiving American International Group investors back in 2000,
Four led General Reinsurance Corp. — including ex-CEO Ronald Ferguson and ex-CFO Elizabeth Monrad — and one worked at AIG. A federal jury found all five guilty of fraud for a bogus stock transaction that helped AIG add $500 million in phony loss reserves, a key indicator of an insurer's health."This case is about truth, a choice to lie and deception to cover it up,'' Assistant U.S. Attorney Raymond Patricco told jurors in closing arguments. "These five defendants made the choice to lie to AIG's investors and to deprive them of the opportunity to make informed decisions about their stock.'' (Here's the Justice Department's press release.) All could be sentenced to a maximum of 20 years, though sentencing guidelines typically call for lesser terms. They'll learn their fates May 15. The convictions add to the swelling list of big corporate crimes the past few years. The greatest hits include:Days Inn — $100 million bank fraud; PinnFund — $187 million mortgage Ponzi scheme; Brocade Communications — millions in stock back-dating; Enterasys Networks — $97 million accounting fraud; Suprema Specialties — $400 million bank and stock fraud; Tyco — $580 million in theft and stock fraud; WorldCom — $11 billion accounting fraud; Adelphia Communications — $100 million theft and $2.3 billion debt deception; Rite Aid — $1.6 billion accounting fraud; and perhaps the best known case, Enron, which also snared executives from Merrill Lynch.
The Bush administration launched the Corporate Fraud Task Force in 2002 in the wake of Enron and WorldCom. Back in November, the Wall Street Journal's Law Blog flagged an American Lawyer analysis of the task force's accomplishments, which asked: "Is there no more corporate crime — or has the Justice Department simply stopped looking for it?"