Enter multiple symbols separated by commas

Buffett May Not Be Witness in AIG Fraud Case

Prosecutors may not call Berkshire Hathaway Chairman Warren Buffett as a witness in a criminal trial of former officers of its General Re reinsurance unit, according to a court filing.

Opening arguments are scheduled to begin on January 7 in the trial of four former General Re officers -- including one-time Chief Executive Ronald Ferguson -- who were indicted for allegedly scheming to help insurer American International Group inflate reserves on its books. A former AIG officer was also indicted.

Last month, prosecutors named Buffett as a witness in the case, along with several AIG officials and Wall Street analysts.

"The reason Mr. Buffett appears on the government's witness list is to rebut any suggestion by the defendants that he was involved in or approved" the fraudulent transaction at the heart of the case, prosecutors said in the December 31 court filing.

"Absent this evidence, the government does not intend to call him as witness in its case ... and create a distracting 'trial within a trial,"' the filing said.

Last month, CNBC reported that Buffett may be called as a defense witness by at least one of the defendants.

Contact U.S. News


    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • Hero miles for military members: Real estate magnate's plea

    Chairman of the Fisher House Foundation, Ken Fisher, discusses the Hero Miles program with CNBC's Dina Gusovsky. During Military Appreciation Month, Fisher is asking every traveler to donate 1,000 of their miles to replenish the Hero Miles programs that is in danger of running out.

  • Cramer shuts down this market's haters

    "Mad Money" host Jim Cramer on why this market can't stop, won't stop.

  • From the battlefield to the boardroom

    Your Grateful Nation is dedicated to helping Special Forces veterans enter the corporate world and Knot Standard provides complimentary suits to vets. Mad Money's Jim Cramer spoke with Rob Clapper, Your Grateful executive director; John Ballay, Knot Standard co-founder and president; Tej Gill, retired U.S. Navy Seal; and Darren McB, active duty U.S. Navy Seal.