Christian Milton, a former executive of American International Group Inc., has been sentenced to prison for his involvement in a fraud case that authorities say cost shareholders more than $500 million, the Associated Press reports.

Milton, who previously served as AIG's VP of reinsurance, declined to comment during a hearing in federal court on Tuesday in Hartford, Conn. He was ordered to report to prison March 25 to serve a four-year sentence.

Milton was convicted last year of conspiracy, securities fraud, mail fraud and making false statements to the Securities and Exchange Commission.

In a statement, Milton’s attorneys said they are working on an appeal.

Prosecutors say the fraud involved executives from AIG and General Re Corp., which propped up AIG's stock price and inflated reserves by $500 million.

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