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AIG was founded in 1919 in Shanghai and brought to America in 1926 as American General Insurance Company. Since then, the company has acquired VALIC (1977), Western National Life (1998), and American General (2001). AIG also acquired SunAmerica in 1999. SunAmerica Inc. is a financial services company specializing in retirement savings and investment services.
In 2008, the Federal Reserve provided an $85 billion, two-year loan to AIG to prevent bankruptcy and further stress on the global economy. In return, the U.S. government now owns 79.9 percent stake in the company while existing stockholders have lost nearly their entire value. Still, AIG is the world’s leading international insurance and financial services organization with operations in more than 130 countries and jurisdictions.
AIG also has one of the largest U.S. retirement services businesses through AIG SunAmerica. AIG SunAmerica, as the retirement savings division of AIG, provides products and services to more than 4 million families nationwide. The firm’s common stock is traded on the NYSE and several major stock exchanges around the world.
Fraudulent History
Both AIG and SunAmerica as separate companies had a history of deceptive and fraudulent practices, resulting in record-breaking settlement cases in order to avoid prosecution. AIG paid over $1.5 billion when it was under investigation for helping companies commit fraud by fabricating earnings and receiving bribes to steer investors towards certain insurance packages. SunAmerica paid $7 million when it was indicted for creating a Ponzi-scheme that took advantage of several elderly churchgoers, who ended up losing millions due to their fraud. In both cases, while neither company was ever convicted for its crimes, they both paid significant, six- or seven-figure amounts of money to avoid further legal scrutiny.
Request a Free Case Evaluation with Meyer Wilson Today
Our investor claims attorneys are prepared with experience, knowledge, and aggression to fight for your rights as an investor against AIG SunAmerica. If you’ve suffered severe losses from AIG SunAmerica brokers, you may have a way to legally demand repayment from the firm responsible. Our resources allowed us to reclaim $350 million for our clients. Let us step into the ring on your behalf – we can help take back what’s yours. Our practice serves clients nationwide and internationally in state and federal courts, as well as in arbitration through FINRA and the American Arbitration Association.