SEC: AIG To Pay $10 M Fraud Penalty
New York-based insurance giant American International Group Inc. agreed to pay a $10 million civil penalty to settle fraud charges involving Plainfield, Ind.-based phone distributor Brightpoint Inc., the Securities and Exchange Commission announced last week.
According to the SEC statement, charges stemmed from AIGs alleged role in fashioning and selling what the securities regulators referred to as a "purported insurance product that Brightpoint used to report false and misleading financial information to the public."
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