TITLE

AIG Agrees to Pay $126M to Settle SEC, Justice Department Charges

AUTHOR(S)
Hume, Lynn
PUB. DATE
December 2004
SOURCE
Bond Buyer;12/1/2004, Vol. 350 Issue 32020, p7
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
This article reports that American International Group Inc. (AIG), the world's largest insurer by market value, and two of its subsidiaries yesterday agreed to pay $126 million in penalties and restitution to settle Justice Department and Securities and Exchange Commission criminal and civil securities law charges stemming from the offer and sale of an earnings management product that essentially allowed companies to cook their books. The charges stem from AlG's offer and sale of an earnings management product that essentially helped other companies cook their financial books.
ACCESSION #
15256541

 

Related Articles

  • AIG and a Subsidiary Settle Claims by U.S.  // American Banker;12/1/2004, Vol. 169 Issue 229, p13 

    Reports that American International Group Inc. and a subsidiary, AIG Financial Products Corp, have settled claims brought against them by the Department of Justice and the U.S. Attorney for the Southern District of Indiana; Terms of the settlement which include an $80 million penalty payable to...

  • UBS AG in $22.1 Billion ARS Settlement. Temple-West, Patrick; Ackerman, Andrew; Phillips, Ted; Sigo, Shelly // Bond Buyer;8/11/2008, Vol. 365 Issue 32937, p1 

    The article reports on a settlement announced by UBS AG in Washington. The auction-rate securities (ARS) dealer agreed to purchase or provide liquidity for $22.1 billion of ARS and pay $150 million in fines, in a settlement with the state and federal regulators. The settlement was declared as...

  • AIG Losses Foretell More Industry Problems, One Analyst Predicts. Ruquet, Mark E. // National Underwriter / Life & Health Financial Services;5/19/2008, Vol. 112 Issue 19, p6 

    The article reports on the income loss experience by the American International Group Inc. (AIG) and other insurance industry. It cites that the losses of AIG and other insurer is an outcome of an accounting system that is pushing insurance companies to take charges when securities fall below a...

  • Market Statistics.  // Bond Buyer;10/5/2009, Vol. 370 Issue 33194, p29 

    The article presents several statistics in the U.S. including market indicators, short-term tax-exempt yields and the U.S. securities prices.

  • AIG Pays $12.8 Million Penalty in Agreement.  // TDInSight;May2011, Vol. 8 Issue 1, p2 

    The article reports that American International Group Inc. (AIG) was ordered to pay the Texas Department of Insurance an administrative penalty of 12.8 million dollars and pay the state 10.8 million dollars in premium taxes and assessments as part of a regulatory settlement agreement.

  • AIG finite deal at center of probe. Roberts, Sally // Business Insurance;3/21/2005, Vol. 39 Issue 12, p25 

    This article reports that an investigation into the accounting treatment of a finite risk insurance transaction that Maurice R. Greenberg had direct involvement in may have been the last straw for the board of directors of American International Group Inc., which urged the longtime chief...

  • Bigger Fines For MSRB Violations. Hume, Lynn // Bond Buyer;3/10/2006, Vol. 355 Issue 32336, p1 

    The article reports that the National Association of Securities Dealers in the United States is considering imposing bigger fines and tighter sanctions for dealers who violate Municipal Securities Rulemaking Board rules. The rules cover trade reporting and execution, political contribution and...

  • Preparing to comply with the CSD Regulation. Belghazi, Soraya // Journal of Securities Operations & Custody;Winter2013/2014, Vol. 6 Issue 2, p102 

    This paper looks at what is going to change with the soon-to-be-adopted European Regulation on Central Securities Depositories (CSDs), focusing on the adaptations that will be required of CSDs and market participants. Not only will CSDs face harmonised and sometimes stricter safety standards,...

  • NSX VIOLATES MOE.  // Traders Magazine;Jun2005, Vol. 18 Issue 240, p8 

    The article reports that the National Stock Exchange (NSX) and its top leader failed to enforce its market order exposure rule, according to the SEC. An SEC official wrote that SROs need to vigorously enforce their rules. The settlement includes CEO David Colker's censure and a $100,000 civil...

Share

Read the Article

Courtesy of VIRGINIA BEACH PUBLIC LIBRARY AND SYSTEM

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics