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Executive to plead guilty in federal AIG probe

Monday, June 6, 2005 | 9:39 a.m.

John Houldsworth, an executive at Berkshire Hathaway Inc.'s General Re unit, agreed to plead guilty to federal charges stemming from a reinsurance transaction with American International Group Inc.

Houldsworth reached an agreement with the Department of Justice and the U.S. Securities and Exchange Commission to admit to one count of conspiring with others to misstate AIG's financial statements, his lawyer, Larry Byrne of White & Case LLP, said today in an e-mailed statement.

Houldsworth is the first to face criminal charges in a federal and state probe of accounting abuses at AIG, which corrected the transaction when it restated five years of financial statements last month. The plea may increase pressure on other individuals involved in the four-year-old deal, which triggered the ouster of AIG Chief Executive Officer Maurice "Hank" Greenberg in March.

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