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U.S. Authorities to Close a Criminal Investigation of the Biggest Financial Implosions

Posted by on May 23rd, 2010 // Read 1,903 Times // 11 Comments

P U.S.-Authorities-to-Close-a-Criminal-Investigation-of-the-Biggest-Financial-Implosions The U.S. authorities have just closed a criminal investigation related to one of the biggest financial implosions at the American International Group Inc. The Wall Street Journal said that during the past two years, no charges were filed against anyone.
The investigation was directed towards Joseph Cassano, Andrew Forster and Tom Athan. Among these three suspects, Joseph Cassano used to lead the AIG’s financial product units in London. Midst several accusations, these men were also accused of deceiving investors by siphoning their investment accounts for their own benefits.

In addition, outside auditors of AIG were also deceived about the firm’s exposure to credit-default swaps, which were mostly tied to mortgages and a lot of unnamed people were also believed to have ties to this case.

Forster’s lawyers said that their client was innocent and this case involves a lot of emotions to it, but the facts prove that Forster had nothing to do with those mishaps, which occurred over the past two years. Most of the time, he acted in the spirit of good faith for company’s clients.

In September 2008, AIG had to be bailed out of the U.S. when the mortgage market collapsed. As a result, the company had to payback those investors in terms of millions of dollars as collateral. The loss forced the company on the verge of bankruptcy and a lot of AIG staff members called it quits at that time.

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11 Responses to " U.S. Authorities to Close a Criminal Investigation of the Biggest Financial Implosions "

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