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Ex-AIG Honcho Settles New SEC Case for $15M

By Harry Kimball,  Newser Staff
Posted Aug 6, 2009 3:14 PM CDT
Ex-AIG Honcho Settles New SEC Case for $15M
The AIG logo.   (AP Photo)

(Newser) – The SEC today simultaneously announced a complaint against former AIG chief Hank Greenberg and the resolution of the matter—a $15 million payment to settle the suit, the New York Times reports. Greenberg and a former AIG CFO were accused of “numerous improper accounting transactions” between 2000 and 2005 that artificially inflated the firm’s value. Greenberg was ousted from AIG in 2005 for similar trespasses.

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“Greenberg and Smith oversaw various improper transactions that presented a false financial picture and allowed AIG to claim success in meeting its performance goals, an SEC official says. Greenberg has a more rosy take on the matter. “Mr. Greenberg appreciates the SEC’s recognition that he personally should not be charged with any fraud,” his current firm says, “and the settlement is recognition of his lack of responsibility.” (Read more Hank Greenberg stories.)

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