Cassano to face civil case

Joseph Cassano, the former head of AIG’s financial products division that nearly bankrupted the insurer may face civil charges even if he faces no criminal charges, Reuters reports.

As recently as mid-March, prosecutors and lawyers from the Securities and Exchange Commission interviewed potential witness in the investigation, sources said.

Regulators do not have to meet the same burden of proof as prosecutors. To prove civil fraud, the SEC needs only to show that the defendant was reckless. That is a much easier standard than having to prove someone intended to commit a crime.