The investigation by U.S. market regulators into American International Group’s executives is closed, Reuters reports.
The investigation, which occurred several weeks after the U.S. Department of Justice closed its criminal investigation in May, centered on AIG Financial Products head Joseph Cassano and others, notes the report. The parallel criminal and civil probes were among the most high-profile inquiries stemming from the 2008 financial meltdown that led to the infamous $182 billion government bailout of the insurance company. Neither criminal prosecutors nor the SEC ever filed charges against AIG or any executives.
AIG reported in the greater press in February that the investigations looked into the valuation of AIGFP's credit default swap portfolio. The Reuters reports added that also under investigation was the adequacy of risk management around AIG's exposure to the U.S. residential mortgage market and disclosures.
Cassano, who resigned under pressure in March 2008, welcomed the news, as did AIG and lawyers for Cassano.
A spokesman for the SEC declined to comment, Reuters reports.
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