Hey iQOO Fam 👋,

Today’s fraud file covers AIG, a multinational insurance powerhouse that got tangled in massive accounting fraud.

🧵 1/ What happened?

• Accounting fraud of $3.9B 💸
• Bid rigging & stock price manipulation 📈
• Settled with SEC twice for a total of $1.74B 💰
• CEO Hank Greenberg fired but faced no criminal charges ❌

🧵 2/ How they did it

• Loans were booked as revenue 🧾
• Clients steered to insurers with payoff agreements 🤝
• Traders told to inflate stock prices 💹

“Bid rigging is sophisticated but common… auditors using due diligence could spot it.” – Greene 🔍

🧵 3/ Auditor Oversight Issues

• Study by Center for Audit Quality analyzed 87 SEC sanctions (1998–2010) 🕵️
• Findings: auditors often didn’t question fabricated documents or overlooked inventory discrepancies ⚠️
• Most cases involved multiple deficiencies, showing systemic lapses

🧵 4/ Lesson Learned

• Sophisticated frauds can often be spotted early with diligence 🧐
• Auditors and boards must question everything
• Ignoring red flags costs billions 💸 and destroys trust

🔥 AIG proves that even giants can exploit complex systems unless scrutiny and ethics are enforced.

#iQOOCommunity #CorporateScandals #AIG #LessonsInLeadership

💫 Happy Questing, Fam 🚀🎉

— @Mrrajput_2212  (iQOO ID: 100459)

📸 Instagram: mrrajput_2212 💙🔥