The U.S. Securities and Exchange Commission has notified the former chairman and chief executive of American International Group, Maurice Greenberg, that it may bring charges against him for his alleged role in at least one phony accounting scheme, Mr. Greenberg's attorney confirmed.
Mr. Greenberg–who is now chairman and CEO of C.V. Starr–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.
One definite portion of the notice involves a 2001 reinsurance arrangement between AIG and General Reinsurance that a federal jury in February found to be a sham transaction, resulting in the conviction of five insurance executives on conspiracy and other charges.
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