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Thursday, 21 May 2009

SEC charged AIG with accounting fraud

Securities and Exchange Commission said Tuesday a federal court has agreed to require American International Group (AIG) make an $ 843 million payout to harmed investors as part of a settlement from a 2006 enforcement case.The SEC said AIG's Fair Fund court-appointed distribution agent estimates that checks will be sent to more than 257,000 investors within the next couple of months.The $843 million distribution comes following a February 2006 enforcement case in which the SEC charged AIG with accounting fraud. The agency alleged the company, which is now under more scrutiny for its role in the financial crisis, falsified its financial statements and reported misleading information about its financial condition.
The court entered a judgment against the insurance giant on Feb. 17, 2007, and AIG consented to the order without admitting or denying the allegations.The $843 million is comprised of both civil penalties and ill-gotten gains.

Posted by Unknown at 11:25
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Disclaimer: The statements and articles listed here, and any opinions, are those of the writers alone, and neither are opinions of nor reflect the views of this Blog. Aggregated content created by others is the sole responsibility of the writers and its accuracy and completeness are not endorsed or guaranteed. This goes for all those links, too: Blogs have no control over the information you access via such links, does not endorse that information, cannot guarantee the accuracy of the information provided or any analysis based thereon, and shall not be responsible for it or for the consequences of your use of that information.
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