New York Attorney General Eliot Spitzer won’t press criminal charges against Maurice “Hank” Greenberg, the former chief executive officer of American International Group Inc., Spitzer’s spokesman said.
Spitzer sued Greenberg, 80, and New York-based AIG in May, alleging the world’s biggest insurance firm used accounting tricks to mislead regulators and investors. Spitzer’s spokesman Darren Dopp said today the attorney general isn’t pursuing criminal charges against Greenberg, who left AIG in March.
“We made a decision months ago that civil disposition was the better and appropriate way to proceed,” Dopp said. “It has to do with intent, the strength of the evidence and applicable laws.”
The U.S. Securities and Exchange Commission, the Justice Department and Spitzer’s office have been investigating Greenberg and AIG over transactions that hid losses and understated liabilities at AIG.