US Fraud Charges Brought Against Finance Execs
• Mortgage giant execs charged with fraud
• Daniel Mudd and Richard Syron left their jobs after GFC
• Both companies had to be bailed out by government
The SEC has accused the former executives of making “material mis-statements.”
Those charged are former chiefs of the mortgage firms, Daniel Mudd and Richard Syron.
Mr Mudd left Fannie after the government took over the institution during the start of the world economic crisis.
Mr Syron resigned from Freddie in 2008.
Mr Mudd, on hearing of the charges, instructed his lawyer to say they should never brought.
He claimed the US government had approved all of the company’s financial disclosures.
Mr Syron’s lawyers also said the case has no merit.
The US financial regulator has also brought civil fraud charges against four other top executives at Fannie Mae and Freddie Mac over allegedly misleading investors about the exposure the companies had to risky subprime mortgages.
When the housing bubble burst both mortgage suppliers had to be rescued by the US government.
Filed under: AMERICAN GANGSTERS Tagged: http://story.taiwansun.com/index.php/ct/9/cid/b8de8e630faf3631/id/201918102/cs/1/ht/USfraudchargesbroughtagainstfinanceexecs/, http://www.colonel6.com/US-fraud-charges-brought-against-finance-execs.html
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