Maurice “Hank” Greenberg, the former AIG CEO, will pay $15 million Thursday to settle a lawsuit by the Securities and Exchange Commission.
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Greenberg, who led American International Group (NYSE: AIG) for 38 years, has been under investigation by the SEC for the last four years. In 2005, Greenberg was ousted from AIG’s board during a probe by then-New York Attorney General Eliot Spitzer into reinsurance.
Since accepting the chief executive position in 1967, Greenberg boosted the company’s assets more than 1000-fold while completing $50 billion of acquisitions in 130 countries by the time he left, according to Bloomberg.
He built the company’s property and casualty business with the acquisitions of National Union Fire Insurance Co., United Guaranty Corp. and HSB Group Inc., and expanded into non-insurance businesses such as airplane leasing with the purchase of International Lease Finance Corp. in 1990.
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