Defendant Name:
American International Group, Inc.
Defendant Type:
Public Company
SIC Code:
6331
CUSIP:
02687410
Document Reference:
comp19560
Document Details
Legal Case Name
SEC v. American International Group, Inc.
Document Name
Complaint
Document Date
09-Feb-2006
Document Format
Civil Proceeding
Case Number
06-cv-01000
Federal District Court
New York, Southern District of New York
Allegation Type
Issuer Reporting and Disclosure
Document Summary
In the Complaint, the SEC stated that: "In this case, the Commission alleges that from at least 2000 until 2005, AIG materially falsified its financial statements through a variety of sham transactions and entities who purpose was to paint a falsely rosy picture of AIG's financial results to analysts and investors. Among other things, AIG structured two sham reinsurance transactions with General Re Corporation ('Gen Re'). The purpose of the transactions was to add a total of $500 million in phony loss reserves to AIG's balance sheet in the fourth quarter of 2000 and the first quarter of 2001. The transactions were initiated by AIG to quell criticism by analysts concerning a reduction in AIG's loss reserves in the third quarter of 2000. The transactions had no economic substance, amounting to a round trip of cash, but they were designed to, and did, have a specific and false accounting effect."
