Hank Greenberg, former chairman of US insurer AIG, on Thursday agreed to pay $15m to settle the SEC’s investigation into his role in accounting fraud at the troubled insurer from 2000 to 2005. The settlement focuses on Greenberg’s alleged involvement in “numerous improper accounting transactions” that inflated AIG’s results. The SEC said these included sham transactions with General Re, the reinsurance company, use of an offshore entity to conceal auto insurance losses and shifting money around to report investment gains.

This entry was posted by Gwen Robinson on Friday, August 7th, 2009 at 4:48 and is filed under People. Tagged with aig, General Re, hank greenberg. Edit this entry.