The former chief financial officer of General Re may be sued by the Securities and Exchange Commission as part of its investigation into the transaction between the firm and American International Group (AIG).

Elizabeth Monrad has been served with a Wells notice from the SEC. The notice informed that the SEC was considering civil action against her.

She has taken unpaid leave from her current role as CFO at TIAA-CREF, another financial services group.

TIAA-CREF make it quite clear it is nothing to do with them. "The company understands that the notice informed Ms. Monrad of a possible enforcement action in connection with activities related to her prior employment at General Re".

General Re and AIG are at the centre of investigations by the SEC and New York Attorney General Eliot Spitzer.

The investigations centre on finite reinsurance, which it has been alleged the companies used to manipulate financial statements.

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