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28 Sep 2007
US government sponsored mortgage finance company Freddie Mac has agreed to pay a fine of $50m (£25m) to the SEC to settle charges relating to massive accounting fraud that occurred from 1998 to 2002.
Four former Freddie Mac executives also settled charges of negligent conduct with the chief regulator. They agreed to pay civil penalties ranging from $65,000 to $250,000 each, the SEC said.
The settlement came without the company or the former executives admitting or denying the charges.
In March fellow government sponsored lender Fannie Mae said it was likely to make an $11bn (￡6.3bn) profit restatement.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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