General Re chief faces fraud case

A SENIOR executive at the Dublin arm of reinsurance firm General Re is facing a civil fraud action by US financial regulator the Securities & Exchange Commission (SEC).

John Houldsworth, who is a senior figure at General Re’s IFSC office, has been linked to a number of transactions with American International Group (AIG), which are being probed by financial regulators in several countries.

Mr Houldsworth, a 46-year-old Englishman, is one of three people facing the civil fraud complaints taken by the SEC. If the SEC wins its case, it can impose a number of sanctions, ranging from fines to barring people from the industry.