AMERICAN supranational GROUP (AIGNameClassRoll No :AMERICAN internationalistic GROUP (AIGThe Securities and Exchange Commission ( due south ) do compliant stating that the AIG materially falsified its pecuniary statements through sham of relationss so that investors may receive attraction with the financial results . Such falsification was do for the period of 2000 to 2005 . An amount of 500 zillion has been added as militia in the balance sheet which is falsified figureAIG entered with such organization Gen Re which has no economic substance . During the period of fraud , AIG distributed its verbalize for corporate acquisition . Such accounting irregularities by AIG caused violations of the federal official securities laws . When the federal and state regulators contacted the AIG about the Gen Re transaction , AIG init iated midland investigation and made restatement . AIG clearly admitted for 66 minutes and made restatement .
The AIG agreed that the purpose is to improve financial statements which argon essential and hence made improper transactions . As such with the restatement , the AIG reduced its shareholders equity by 2 .26 billionDuring 2003 , the SEC supercharged AIG with respect to securities fraud which is sham and selling insurance policy to satiny point , Inc . The aim of Bright point is to name to embrace to the pubic about false and misleading financial training . Consequently the AIG has been penalized by S EC for 10 million to vacate civil actionsDu! ring 2004 , the SEC again charges the AIG for the securities fraud in conjunction with PNC Financial Services Group , Inc for charge of...If you necessitate to modernise a full essay, order it on our website:
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