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    US mortgage buyer settles with SEC

    US mortgage buyer settles with SEC

    Company allegedly manipulated earnings and misled investors, costing them a $50m fine from the SEC

    Author Date published September 30, 2007 Categories

    A US mortgage buyer is to pay a $50m settlement fine to the US Securities and
    Exchange Commission following allegations that it manipulated earnings for three
    years.

    The SEC said that Freddie Mac is also set to pay $800,000 in penalties for
    improperly managed earnings between 1998 and 2002, Marketwatch.com
    reported.

    ‘Freddie Mac’s departure from proper accounting practices was the result of a
    corporate culture that sought stable earnings growth at any cost,’ said Linda
    Thomsen, the SEC’s enforcement director, in a statement.

    The company has neither denied nor admitted the allegations.

    Further reading:

    Freddie
    Mac Pays $50M to Settle Charges

    Freddie Mac agrees
    $50m penalty

    Freddie
    Mac to Pay $50 Mln to Settle Fraud Charges

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