A former chief executive of General Reinsurance Corp. has been notified that he could face civil charges as a result of a federal probe of the firm's nontraditional insurance products, its parent Berkshire Hathaway Inc. said Friday.
Ronald E. Ferguson, who stepped down on Oct. 1, 2001, has received a Wells notice from the Securities and Exchange Commission that said the SEC staff is considering a recommendation that Ferguson be charged with securities violations.
The notice gives Ferguson a chance to respond before the SEC staff makes its formal recommendation.
Berkshire, which is led by Omaha billionaire Warren Buffett, said it was informed about the notice by Ferguson's legal representative. A Berkshire news release also said Ferguson had been consulting for General Re and some of its affiliates until May 20 of this year.
A call to General Re's Stamford, Conn., headquarters, seeking comment was not immediately returned. Attempts to reach Ferguson were unsuccessful.
Saturday, October 8, 2005
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