New York (Sept. 12, 2003) -- The Securities and Exchange Commission announced Thursday that American International Group Inc. will pay $10 million to settle fraud charges stemming from its role in accounting violations at cell phone distributor Brightpoint Inc.

The SEC charged that AIG sold a dubious insurance product to Brightpoint that helped the company overstate its earnings by 61 percent by misrepresenting the company’s losses as insured losses.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access