RenRe settles SEC case for $15m
US regulator the Securities and Exchange Commission (SEC) has anounced that it has settled its finite reinsurance accounting fraud case against Bermudian reinsurer RenaissanceRe for a fine of $15m and a commitment to bring in an independent consultant to vet its internal audit controls. The company announced that it had submitted an offer to settle with the SEC back in September 2006.
In September 2006, the SEC charged RenRe's former chairman and chief executive officer, James N. Stanard, RenRe's former controller, Martin J. Merritt, and a former senior vice president of RenRe's
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