Ex-AIG chief settles accounting fraud case

Greenberg will pay about $9 million and former AIG CFO Howard Smith will pay about $900

Maurice “Hank” Greenberg, the former American International Group chief executive, has reached a settlement that ends his 12-year battle with the New York attorney general’s office, which accused him of orchestrating sham transactions at the insurer.
 
“After over a decade of delays, deflections and denials by Greenberg, we are pleased that Greenberg has finally admitted to his role in these fraudulent transactions,” New York Attorney General Eric Schneiderman said in a statement.
 
Greenberg, 91, will pay about $9 million and former AIG Chief Financial Officer Howard Smith will pay about $900,000 to settle charges first brought in 2005