More than 100 charges have been laid against former Fannie Mae CFO Timothy
Howard, former controller Leanne Spencer and former chairman and chief executive
Franklin Raines over the
accounting scandal at the mortgage giant.
The suit, filed by the Office of Federal Housing Enterprise Oversight, could
see the three hit with more than $215m (£110m) in fines if it is proven that
they engineered a fraud at Fannie Mae by manipulating
earnings to maximise their bonuses.
‘The misconduct cost the enterprise and shareholders many billions of dollars
and damaged the public trust,’ argued
director James B Lockhart.
Raines’ attorney had called the charges ‘fatally biased’, according to
Smaller businesses could be excluded from government plans for making business transactions digital, found new research from ICAEW
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Further powers are being sought by HMRC, but it is ‘failing’ to use those it already has, such as Conduct Notices, says RPC
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live