SEC may sue ex-AIG CEO
Daily Record, The (Baltimore), May 22, 2008
Former American International Group Inc. Chief Executive Officer Maurice "Hank" Greenberg may be sued by U.S. regulators for his alleged role in a sham reinsurance transaction that led to five criminal convictions. Greenberg, 83, received a so-called Wells notice from the U.S. Securities and Exchange Commission last week, his spokesman, Glen Rochkind, said Wednesday.
The notice means the SEC may seek an enforcement action against Greenberg, who was replaced in 2005 amid accounting and sales probes of the world's largest insurer. "It's a stark reminder that years of silence from the commission doesn't mean an enforcement action is unlikely," said Jacob Frenkel, a former SEC enforcement lawyer now at Shulman Rogers Gandal Pordy & Ecker in Rockville.
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