SEC Begins Distribution Of $357M Fannie Mae Fund

Law360, New York (April 30, 2007, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission began a distribution process Monday for a $357 million fund set up to settle fraud charges with Fannie Mae.

In May 2006, Fannie Mae settled allegations that the government-sponsored mortgage giant altered financial statements by $11 billion in various reports and filings with the SEC between 1998 and 2004.

Fannie Mae paid approximately $350 million into the SEC Fannie Mae Settlement Fund last year and this month, U.S. District Court Judge Richard J. Leon of the District of Columbia approved...
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