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November 9, 2009

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Insurer to pay SEC fine

Thursday, Sept. 11, 2003 | 9:10 a.m.

American International Group Inc. agreed to pay a $10 million fine to settle Securities and Exchange Commission allegations that the insurance company participated in an accounting fraud at Brightpoint Inc.

The SEC also alleged that New York-based American International, the world's largest insurer by market value, failed to cooperate with its investigation. The SEC charged Brightpoint with accounting fraud in a scheme to conceal losses by using an AIG insurance policy.

"AIG worked hand-in-hand with Brightpoint personnel to custom-design a purported insurance policy that allowed Brightpoint to overstate its earnings by a staggering 61 percent," said Wayne M. Carlin, director of SEC's Northeast Regional Office in New York.

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