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Five former insurance executives have been convicted on fraud charges for their part in deceiving American International Group's (AIG) investors in 2000.

Executives at General Re and AIG were accused of inflating AIG's loss reserves in 2000 in order to make the group's financial results appear better than they were to investors.

Ronald Ferguson, former General Re chief executive, and Elizabeth Monrad, a former chief financial officer, were among those found guilty in a federal court in Hartford, Connecticut.

Also convicted were Robert Graham, the firm's former assistant general counsel, Christopher Garand, a former General Re senior vice president and AIG former head of reinsurance Christian Milton.

AIG has previously admitted overstating its profits from 2000 to 2004, and was fined more than $1.6 billion (£813 million) over the scandal.

Mr Ferguson's lawyer Cliff Schoenberg said Mr Ferguson would appeal against the charges, which included mail fraud, securities fraud and making false statements to the Securities and Exchange Commission.

"This is a very sad day - not only for Ron Ferguson, but for our criminal justice system," Mr Schoenberg said.

"I and the rest of Ron's legal team will not rest until we see him - and justice - vindicated."

The judge set a sentencing date of May 15 for all defendants.