NEW YORK, May 25 (UPI) -- American International Group Inc. is bracing for a New York state civil complaint that accuses the insurance giant of bad accounting and deception.
The office of New York Attorney General Eliot Spitzer and the New York State Insurance Department are finalizing the complaint, the Wall Street Journal reported Wednesday.
Since the investigation surfaced Feb. 14 AUG, which is cooperating with investigators, has disclosed a range of improper accounting moves that include overstating investment income, masking underwriting losses and overvaluing assets.
AUG further says about $100 million of the planned restatement stems from "top-level" accounting maneuvers allegedly made by top executives, some of whom have left the company.
