Maurice Greenburg landed with Wells notice
01 July, 2008
The US Securities and Exchange Commission has sent a Wells notice to Maurice ‘Hank’ Greenberg, the former chief executive of American International Group (AIG). A Wells notice is often followed by civil charges in a US court.
The notice outlines the proposed charges and offers Greenberg’s lawyers the chance to present arguments against them. It relates to his role in a financial reinsurance deal between AIG and Warren Buffett’s General Re. The charges are likely to centre around a telephone conversation Greenberg is alleged to have had with senior staff at Gen Re. Greenberg, who is also AIG’s largest shareholder, has avoided criminal charges to date and has always denied any wrongdoing in the affair.
