Fortress CEO Takes Leave To Battle SEC Suit

Law360, New York (December 21, 2011, 12:03 PM EST) -- Fortress Investment Group LLC on Wednesday announced that CEO Daniel Mudd, who is facing U.S. Securities and Exchange Commission fraud claims from his time atop mortgage giant Fannie Mae, has taken a leave of absence from the publicly traded investment group.

The SEC on Friday sued Mudd, former Freddie Mac CEO Richard F. Syron and four other former executives of the now government controlled mortgage backers, alleging they underreported the number of subprime mortgages the two were purchasing during the housing bubble. The SEC alleges the...
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