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Ex-AIG CEO Hank Greenberg Settles Spitzer's 12-Year Old Accounting Fraud Case
Two former AIG executives have agreed to pay $9.9 million and admitted culpability to settle New York Attorney General charges that they misrepresented the company's finances. Former CEO Maurice "Hank" Greenberg will pay $9 million, and former CFO Howard Smith will pay $900,000 – amounts representing bonuses received between 2001 and 2004.
The case was originally brought forward in 2005 by Eliot Spitzer, then New York AG, after the company admitted it had engaged in certain improper reinsurance transactions while Greenberg was CEO.
Greenberg and Smith said in statements Friday that they knew that the transactions were intended to increase AIG's loss reserves and convert underwriting losses into investment losses.
"As a result of these transactions, AIG's publicly-filed consolidated financial statements inaccurately portrayed the accounting, and thus the financial condition and performance for AIG's loss reserves and underwriting income," Greenberg and Smith said in their statements.
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