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Wrongly Convicted Database Record
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Charge: |
"Mail fraud, Securities fraud & Conspiracy" |
Sentence: |
"4 years, 2 years supervised release, $1,600 special assessment, & $200,000 fine" |
Years Imprisoned: |
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Year Crime: |
2000 |
Year Convicted: |
2008 |
Year Cleared: |
2013 |
U.S. State or Country of Crime: |
Connecticut - Federal Case |
County or Region of Crime: |
Fairfield |
City of Crime: |
Stamford |
Result: |
Judicially Exonerated |
Summary of Case: |
"Ronald E. Ferguson, Robert D. Graham, Christian M. Milton, Elizabeth A. Monrad, Christopher P. Garand were codefendants wrongly convicted by a federal court jury in Connecticut on February 25, 2008 of charges that included mail fraud, securities fraud, and conspiracy. All five were former insurance executives with General Re Corp., which is owned by Warren E. Buffett’s company, Berkshire Hathaway, The prosecution was based on the government's theory that Gen Re executives helped A.I.G. structure an accounting maneuver that the government said artificially manipulated A.I.G.’s financial statements. The deal increased A.I.G.’s loss reserves — a crucial indicator of performance for insurance companies — by $500 million in 2000 and 2001. On May 15, 2008 the trial judge denied a motion for acquittal and a motion for a new trial filed by each of codefendants. Ronald E. Ferguson was sentenced on December 31, 2008 to 2 years in prison, 2 years supervised release, a $1,600 special assessment, and a $200,000 fine. Christian M. Milton was sentenced on January 30, 2009 to 4 years in prison, 2 years supervised release, a $1,600 special assessment, abd a $200,000 fine. Christopher P. Garand was sentenced on March 10, 2009 to 1 year 1 day in prison, 2 years supervised release, a $1,000 special assessment, and a $150,000 fine. Elizabeth A. Monrad was sentenced on April 14, 2009 to 18 months in prison, 2 years supervised release, a $1,600 special assessment, and a $250,000 fine. Robert D. Graham was sentenced on May 6, 2009 to to 1 year 1 day in prison, 2 years supervised release, a $1,000 special assessment, and a $100,000 fine. The five codefendants were allowed to remain free on bail pending the outcome of their appeal. On August 1, 2011 the U.S. Second Circuit Court of Appeal vacated all the convictions and ordered a retrial on the basis the trial judge prejudicially erred by the abuse of discretion of admitting the stock-price data the jury relied on to convict. On December 30, 2011 the appeals court issued its mandate vacating the judgments of the district court and remanding for retrial. The government declined to retry the five, and on July 1, 2013 the indictment was dismissed against all five codefendants." |
Conviction Caused By: |
The trial judge prejudicially erred by the abuse of discretion of admitting the stock-price data the jury relied on to convict. |
Innocence Proved By: |
"On August 1, 2011 the U.S. Second Circuit Court of Appeal vacated all the convictions and ordered a retrial on the basis the trial judge prejudicially erred by the abuse of discretion of admitting the stock-price data the jury relied on to convict. On December 30, 2011 the appeals court issued its mandate vacating the judgments of the district court and remanding for retrial. The government declined to retry the five, and on July 1, 2013 the indictment was dismissed against all five codefendants." |
Defendant Aided By: |
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Compensation Awarded: |
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Was Perpetrator Identified? |
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Age When Imprisoned: |
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Age When Released: |
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Sex: |
Male |
Skin/Ethnicity: |
White |
Information Source 1: |
"US v. Ferguson, 676 F. 3d 260 (2nd Circuit 12-19-2011) (Vacating convictions and ordering retrial)" |
Information Location 1: |
"https://scholar.google.com/scholar_case?case=2516224959324393583&q=UNITED+STATES+v.+Ronald+E.+FERGUSON&hl=en&as_sdt=4,75,99,107,122,138,162,286,287,288,289,349,350,351,352,380" |
Information Source 2: |
"USA v. Ferguson et al, No. 3:06-cr-00137 (Connecticut District Court) (Docket through 5-30-2014)" |
Information Location 2: |
http://www.plainsite.org/dockets/meicgyim/connecticut-district-court/usa-v-ferguson-et-al/ |
Information Source 3: |
"Court Overturns 5 Gen Re and A.I.G. Fraud Convictions, By Peter Lattman (Staff writer), The New York Times, August 1, 2011" |
Information Location 3: |
http://dealbook.nytimes.com/2011/08/01/appeals-court-overturns-5-gen-re-and-a-i-g-convictions/ |
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Comments About Case: |
Innocents Database Created and Maintained by Hans Sherrer innocents@forejustice.org