SEC Obtains Court Order Against Maurice Greenberg, C.V. Starr and AIG To Protect Documents in Ongoing Investigation
The SEC obtained a court order against Maurice R. Greenberg, C.V. Starr, and AIG to preserve documents amid an investigation into accounting fraud and improper reserve practices, leading to a $1.6 billion settlement and Greenberg’s resignation after respondents consented to prevent document tampering.
The SEC secured a court order against Maurice R. Greenberg, C.V. Starr & Company, and AIG to protect documents in an ongoing investigation into accounting fraud and improper reserve practices at AIG. The respondents consented to the order, which prohibited them from interfering with, removing, or destroying documents subject to SEC subpoenas issued between March 25 and April 1, 2005, and established a controlled procedure for handling disputed documents located overseas. Although no formal charges were filed at the time, the investigation later resulted in a $1.6 billion settlement with AIG and Greenberg’s resignation from his leadership roles.
The SEC obtained a court order against Maurice R. Greenberg, C.V. Starr & Company, and American International Group (AIG) to preserve documents in an ongoing investigation into accounting fraud and improper reserve practices at AIG. The respondents consented to the order, which prohibited them from interfering with, removing, or destroying any documents in their possession or control that were responsive to subpoenas issued between March 25 and April 1, 2005. The order specifically addressed concerns about the movement of documents, particularly those located overseas, and incorporated a Letter Agreement to ensure disputed documents remained secured at AIG premises and were properly copied and transported to the U.S. for review by the SEC and the New York Attorney General. The SEC emphasized the need to safeguard evidence integrity amid reports of document relocation, signaling the seriousness of the probe. Although no formal charges were announced at the time of the order, the investigation ultimately led to a $1.6 billion settlement with AIG and the resignation of Maurice Greenberg from his executive positions. The case became a landmark in corporate governance enforcement, highlighting systemic failures in AIG’s financial reporting and oversight. The court order was a critical step in ensuring that evidence was preserved for subsequent legal and regulatory actions.
Extracted insights
- person commission staff
- person letter agreement
- person protective order
- agency Securities and Exchange Commission
- SEC Obtained Protective Order
- SEC Obtained Order Against Maurice R. Greenberg, C.V. Starr & Company, Inc. and AIG
- Respondents Consented to Order
- Order Prohibits Respondents From Interfering With Document Access
- Order Provides Procedure For Securing Documents
- Commission Staff Issued Subpoenas To Respondents and SICO
- Order Prohibits Respondents From Removing Documents From AIG Premises
- Order Incorporates Letter Agreement
SEC OBTAINS COURT ORDER AGAINST MAURICE GREENBERG, C.V. STARR AND AIG TO PROTECT DOCUMENTS IN ONGOING INVESTIGATION FOR IMMEDIATE RELEASE 2005-52 Washington, D.C., April 7, 2005 - The Securities and Exchange Commission today obtained a protective order against respondents Maurice R. Greenberg (Greenberg), C.V. Starr & Company, Inc. (C.V. Starr) and American International Group, Inc. (AIG), in the United States District Court for the Southern District of New York, to protect documents in the Commission's ongoing investigation. The respondents consented to the Order. The Order prohibits the respondents from interfering with the ability of the Commission to obtain any and all documents in the respondents' possession or control. The Order also provides a procedure for documents outside the United States to be secured, brought to the United States and produced to the Commission and the New York Attorney General. Mark K. Schonfeld, the Director of the Commission's Northeast Regional Office, said, "We sought this order in response to reports of the movement of documents subject to this investigation. This Order will ensure the security and integrity of documents is preserved and that relevant evidence will be available in our ongoing investigation." The Commission staff issued subpoenas to the respondents and to Starr International Company, Inc. (SICO) between March 25, 2005 and April 1, 2005. The Order finds that there is a need for an order preserving the security, location and integrity of documents relevant to the Commission's ongoing investigation and responsive to Commission subpoenas. The Order prohibits respondents from interfering with the ability of the Commission to obtain documents in the respondents' possession or control. With respect to documents as to which there is a dispute among Greenberg, C.V. Starr, SICO and AIG concerning ownership and control, the Order prohibits respondents from removing such documents from AIG premises and provides a procedure by which such documents shall be handled. Specifically, the Order incorporates a Letter Agreement among those parties, the Commission and the New York Attorney General setting forth an agreed procedure by with the documents will be secured, copied, brought to the United States and produced to the Commission and the New York Attorney General. For further information contact: Mark K. Schonfeld Director, Northeast Regional Office 646-428-1650 Andrew M. Calamari Associate Director, Northeast Regional Office 646-428-1659 http://www.sec.gov/news/press/2005-52.htm Home | Previous Page Modified: 05/17/2005
SEC OBTAINS COURT ORDER AGAINST MAURICE GREENBERG, C.V. STARR AND AIG TO PROTECT DOCUMENTS IN ONGOING INVESTIGATION FOR IMMEDIATE RELEASE 2005-52 Washington, D.C., April 7, 2005 - The Securities and Exchange Commission today obtained a protective order against respondents Maurice R. Greenberg (Greenberg), C.V. Starr & Company, Inc. (C.V. Starr) and American International Group, Inc. (AIG), in the United States District Court for the Southern District of New York, to protect documents in the Commission's ongoing investigation. The respondents consented to the Order. The Order prohibits the respondents from interfering with the ability of the Commission to obtain any and all documents in the respondents' possession or control. The Order also provides a procedure for documents outside the United States to be secured, brought to the United States and produced to the Commission and the New York Attorney General. Mark K. Schonfeld, the Director of the Commission's Northeast Regional Office, said, "We sought this order in response to reports of the movement of documents subject to this investigation. This Order will ensure the security and integrity of documents is preserved and that relevant evidence will be available in our ongoing investigation." The Commission staff issued subpoenas to the respondents and to Starr International Company, Inc. (SICO) between March 25, 2005 and April 1, 2005. The Order finds that there is a need for an order preserving the security, location and integrity of documents relevant to the Commission's ongoing investigation and responsive to Commission subpoenas. The Order prohibits respondents from interfering with the ability of the Commission to obtain documents in the respondents' possession or control. With respect to documents as to which there is a dispute among Greenberg, C.V. Starr, SICO and AIG concerning ownership and control, the Order prohibits respondents from removing such documents from AIG premises and provides a procedure by which such documents shall be handled. Specifically, the Order incorporates a Letter Agreement among those parties, the Commission and the New York Attorney General setting forth an agreed procedure by with the documents will be secured, copied, brought to the United States and produced to the Commission and the New York Attorney General. For further information contact: Mark K. Schonfeld Director, Northeast Regional Office 646-428-1650 Andrew M. Calamari Associate Director, Northeast Regional Office 646-428-1659 http://www.sec.gov/news/press/2005-52.htm Home | Previous Page Modified: 05/17/2005