COMPANIES Hank Greenberg, the former chairman of American International Group, on Thursday agreed to pay $15m to settle the US Securities and Exchange Commission’s investigation into his role in accounting fraud at the company from 2000 to 2005.
The settlement focuses on Mr 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.
