Former AIG’s Chief and CFO in $10m Settlement over Accounting Fraud

[kreslik.news]

New York Attorney General’s office today announced $9.9 million in settlements with former American International Group’s chairman Maurice Greenberg and its former CFO Howard Smith over accounting fraud at the insurance giant dating back to early 1990s.

To unlock the Asian market, register now to the iFX EXPO in Hong Kong

Both Greenberg,92, and Smith settled the charges against them and agreed to pay disgorgement and penalties to the State of New York, totaling $9.0 million and $900,000 respectively.

Former AIG executives were named defendants in a case involving engineering a half-billion transaction with Berkshire Hathaway Inc. subsidiary General ... (read more)