SEC said to end probe of AIG and executives
Market regulators have closed an investigation of American International Group and some of its executives over losses at the bailed-out insurance giant, two sources with knowledge of the matter said on Wednesday.
The sources declined to be identified because the issues are confidential.
The Securities and Exchange Commission ended its probe focusing on AIG Financial Products head Joseph Cassano and others weeks after the U.S. Department of Justice closed its criminal investigation in May.
The parallel criminal and civil probes were among the most high-profile inquiries stemming from the 2008 financial meltdown. The U.S. government provided $182 billion to avert the bankruptcy of AIG, which wrote tens of billions of dollars on insurance-like contracts on complex securities backed by mortgages that turned out to be toxic.
A source with direct knowledge of the probe said the market regulator had looked into whether the executives fairly calculated or completely disclosed accounting losses.
A spokesman for the SEC declined to comment. A spokesman for AIG declined to comment.
Neither criminal prosecutors nor the SEC ever filed charges against the AIG executives.
(Reporting by Grant McCool and Paritosh Bansal)
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