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Ex-AIG CEO Greenberg reaches $9.9M settlement in NY fraud case
Source: USA Today
Ex-AIG CEO Greenberg reaches $9.9M settlement in NY fraud case
Kevin McCoy , USA TODAY 7:08 p.m. ET Feb. 10, 2017
Former AIG CEO and chairman Maurice "Hank" Greenberg agreed to a $9.9 million settlement Friday in a New York corporate fraud case, ending a nearly 12-year court battle by the prominent insurance industry executive.
Greenberg, 91, agreed to the settlement after years of denying allegations that focused on AIG transactions, including one that materially misrepresented the company's loss reserves and another that misstated the firm's underwriting results from 2000 to 2004. The deals hid the company's true financial condition.
Howard Smith, who served as AIG's chief financial officer, also agreed to a settlement of the allegations, which were pursued by three successive New York attorneys general.
The settlement requires Greenberg and Smith to give up more than $9.9 million they received as AIG performance bonuses during the years the fraudulent transactions were reflected in the company's accounting records.
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Kevin McCoy , USA TODAY 7:08 p.m. ET Feb. 10, 2017
Former AIG CEO and chairman Maurice "Hank" Greenberg agreed to a $9.9 million settlement Friday in a New York corporate fraud case, ending a nearly 12-year court battle by the prominent insurance industry executive.
Greenberg, 91, agreed to the settlement after years of denying allegations that focused on AIG transactions, including one that materially misrepresented the company's loss reserves and another that misstated the firm's underwriting results from 2000 to 2004. The deals hid the company's true financial condition.
Howard Smith, who served as AIG's chief financial officer, also agreed to a settlement of the allegations, which were pursued by three successive New York attorneys general.
The settlement requires Greenberg and Smith to give up more than $9.9 million they received as AIG performance bonuses during the years the fraudulent transactions were reflected in the company's accounting records.
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Read more: http://www.usatoday.com/story/money/2017/02/10/ex-aig-ceo-greenberg-reaches-99m-settlement-ny-fraud-case/97763136/
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