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Spitzer Presenting AIG Evidence to a Grand Jury

The Wall Street Journal is reporting that in mid-May, attorneys from the office of New York Attorney General Eliot Spitzer began presenting evidence to a...
May 27, 2005

The Wall Street Journal is reporting that in mid-May, attorneys from the office of New York Attorney General Eliot Spitzer began presenting evidence to a grand jury considering potentially criminal actions by individuals, including former top management, at American International Group, Inc. (AIG).  The evidence is part of a continuing investigation by state authorities into allegations of improper accounting at AIG. The report states that authorities are also drafting a civil complaint against the large insurance company. Inside sources quoted by the Journal report that the grand jury is not considering criminal charges against AIG. Joseph Umansky, a senior executive at AIG, is reported to have testified after having made a deal to receive immunity from potential charges. One of the sources said that former AIG Chairman and Chief Executive Officer Maurice Greenberg and former Chief Financial Officer Howard Smith are among those whose actions are being considered by the grand jury.  Bloomberg News was the first to report that a grand jury had become involved in the inquiry.

Report: Grand Jury Investigating AIG (Associated Press 5/20/05) 

Grand Jury Considers Criminal Charges in AIG Probe (Bloomberg News 5/20/05)

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