Garand sentenced to a year and a day
A federal court in Connecticut has sentenced Christopher Garand, former senior vice president at Berkshire Hathaway’s General Re unit, to one year and a day in federal prison and ordered him to pay a fine of $150,000 for his role in devising two sham reinsurance deals in 2000 and 2001 through which AIG artificially inflated reserve levels by $500m.