View more on these topics

SFO drops AIG probe

The Serious Fraud Office has dropped its investigation into AIG Financial Products after failing to find any criminal charges to bring.

The SFO has been investigating the unit, responsible for many of the derivatives trades that nearly brought about AIG’s demise two years ago, for the past 15 months.

The London-based division of the business was blamed for writing off billions of dollars worth of mortgage backed securities.

According to reports, suspicions were raised in 2008 of fradulent actvities within the unit. AIG was brought to the brink of collapse before being salvaged by a £105bn bailout from the US Federal Reserve.

The news comes less than a week after US authorities dropped their own separate inquiry into AIG Financial Products, which was wound down during the financial crisis, due to lack of sufficient evidence.

An SFO spokeswoman says: “I can confirm the SFO has discontinued its investigation into the UK operations of AIG Financial Products Corp as it has concluded that there is insufficient evidence to bring a prosecution in the Crown Court.”


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm