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NEW YORK (CNN/Money) -
The Securities and Exchange Commission has notified a former executive of the General Re Corp. that it plans to file civil fraud charges against her as part of its probe of the insurance industry, according to published reports Tuesday.
The New York Times and Wall Street Journal reported that Elizabeth A. Monrad, who is now the chief financial officer of the TIAA-CREF pension fund., received what is known as a "Wells notice" indicating she is now a subject of the probe into some of the reinsurer's transactions with embattled insurer American International Group (Research). General Re is a unit of investment guru Warren Buffett's Berkshire Hathaway (Research).
Monrad could not be reached for comment last night, and TIAA-CREF spokeswoman declined to comment when contacted by the Journal.
Both papers also reported that the SEC had previously notified a current General Re executive, Richard Napier, that it planned to file civil fraud charges against him in connection with the AIG transaction. The Journal said that at least one other General Re employee also may have received such notification.
Executives who receive such notice from the securities regulators are given an opportunity to argue against action by the SEC.
Investigators are looking into whether Monrad doctored paperwork from a 2000 transaction that artificially increased the reserves of AIG by $500 million, according to the Times.
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