AIG fraud under investigation in the UK

AIG's UK credit default swap unit is under financial crime investigation

LONDON - UK authorities have launched an investigation into illegal transactions connected to the near-collapse and US Federal Reserve bail-out of the world's largest insurer, AIG. UK subsidiary AIG Financial Products lost £8 billion before its US parent was forced to seek government funding.

The Serious Fraud Office and UK regulator the Financial Services Authority are understood to be seeking documentation from the firm's UK offices. Details of the probe are sketchy but investigators have said AIG's insurance operations are not involved.

AIG's financial products arm is involved in the sale of credit default swaps. Former AIG chief executive Joseph Cassano resigned earlier this month after announcing $11.1 billion in quarterly losses. Cassano is believed to have earned $200 million in his time at AIG.

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