The U.S. Securities and Exchange Commission has notified the former chairman of American International Group, Maurice Greenberg, that it may bring charges against him for his alleged role in a phony accounting scheme, Mr. Greenberg's attorney confirmed.
Mr. Greenberg was sent what is known as a “Wells Notice,” which offers the respondent an opportunity to provide a written statement addressing the charges before a decision is made whether to proceed.
The notice is in connection with a 2001 reinsurance arrangement between AIG and General Reinsurance that a federal jury in February found was a sham transaction, resulting in the conviction of five insurance executives on conspiracy and other charges.
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