NU Online News Service, Aug. 6, 1:53 p.m. EDT
WASHINGTON–Maurice Greenberg, former head of American International Group, has agreed to pay $15 million to settle charges of fraudulent accounting to boost the company's financial outlook, the U.S. Securities and Exchange Commission announced today.
Besides Mr. Greenberg, who was forced to leave his posts as chair and chief executive officer at AIG in 2005, the SEC said that Howard Smith, former AIG vice chair and chief financial officer, had also agreed to penalties and disgorgement fees–in his case amounting to $1.5 million.
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