Post by soonerlew on Oct 19, 2007 14:22:50 GMT -5
sandi from the Vegas board.............
SEC Distributes $356 Million to Defrauded Fannie Mae Investors
Investor Protection Agency's "Fair Funds" Distributions to Fraud Victims Top $3 Billion Mark
FOR IMMEDIATE RELEASE
2007-219
Washington, D.C., Oct. 19, 2007 - The Securities and Exchange Commission today announced that checks totaling more than $356 million are going in today's mail to investors harmed by the financial fraud at Fannie Mae (Federal National Mortgage Association) between 1998 and 2004. With today's payments, the SEC has distributed more than $3 billion overall since the agency was given authority to send financial penalties from SEC enforcement actions to the victims of financial fraud.
Today's $356,128,500 going to individual investors, pension plans and other victims represents the entirety of the money Fannie Mae paid to settle the SEC's fraud charges last year, plus interest. Prior to the enactment of the Fair Funds provisions of the Sarbanes-Oxley Act of 2002, the SEC was required to send financial penalties from its enforcement actions to the U.S. Treasury instead of to harmed investors.
"The SEC is continuing to make highly effective use of the authority provided by Congress in the Sarbanes-Oxley Act to return more money to injured investors as quickly as possible," said SEC Chairman Christopher Cox. "The $350 million penalty paid by Fannie Mae was one of the largest in Commission history, and now all of it is going to its rightful owners - the victims of this fraud."
Linda Chatman Thomsen, Director of the Division of Enforcement, added, "I am very pleased that we were able to swiftly recompense shareholders after creation of the Fair Fund."
The Fair Fund for Fannie Mae victims resulted from an enforcement action in May 2006 in which Fannie Mae paid $350 million to settle SEC charges that it issued materially false and misleading financial statements in SEC filings and in various reports disseminated to investors. Final judgment was entered in August 2006, and the U.S. District Court of the District of Columbia approved the establishment of the Fair Fund in April 2007.
www.sec.gov/news/press/2007/2007-219.htm
camrhon.proboards102.com/index.cgi?board=safe&action=display&thread=1192816786
SEC Announces Start of $357 Million Fair Fund Distribution Process in Fannie Mae Settlement
FOR IMMEDIATE RELEASE
2007-81
Washington, D.C., April 30, 2007 - The Securities and Exchange Commission today announced the beginning of the distribution process for a $357 million Fair Fund created as part of a settlement last year with Federal National Mortgage Association (Fannie Mae) on charges of financial fraud in connection with the preparation of its annual and quarterly financial statements. The distribution is expected to be completed by October.
Potentially eligible claimants include any person or entity that purchased Fannie Mae common stock (ticker symbol FNM) between Jan. 14, 1999 and Dec. 22, 2004, or Fannie Mae Class N preferred stock (ticker symbol FNMprN) between Sept. 25, 2003 and Dec. 22, 2004, according to the court-approved distribution plan. The distribution agent will endeavor to identify potentially eligible claimants; however injured investors also can request a claims packet directly from the distribution agent. More information is available at www.SECFannieMaeSettlement.com.
"We are pleased to announce the start of the Fannie Mae distribution process," said Linda Chatman Thomsen, Director of the SEC's Division of Enforcement. "This expeditious distribution process illustrates the Commission's continuing commitment to improving the speed with which funds are returned to defrauded investors in SEC enforcement actions."
The U.S. District Court of the District of Columbia approved the Fair Fund and its distribution plan on April 16, and appointed Jeffrey D. Dahl, with Minneapolis-based Rust Consulting, Inc., as distribution agent.
The Fair Fund provision of the Sarbanes-Oxley Act of 2002 gave the SEC authority to increase the amount of money returned to harmed investors by allowing financial penalties paid by wrongdoers to be included in the distributions. To date, the SEC has distributed more than $1.2 billion in Fair Fund monies.
The SEC brought a settled action against Fannie Mae in May 2006 alleging that, between 1998 and 2004, Fannie Mae issued materially false and misleading financial statements in various reports and in filings with the SEC. Final Judgment was entered on August 9, and Fannie Mae paid approximately $350 million as part of the resolution of claims brought by the SEC.
www.sec.gov/news/press/2007/2007-81.htm
SEC Distributes $356 Million to Defrauded Fannie Mae Investors
Investor Protection Agency's "Fair Funds" Distributions to Fraud Victims Top $3 Billion Mark
FOR IMMEDIATE RELEASE
2007-219
Washington, D.C., Oct. 19, 2007 - The Securities and Exchange Commission today announced that checks totaling more than $356 million are going in today's mail to investors harmed by the financial fraud at Fannie Mae (Federal National Mortgage Association) between 1998 and 2004. With today's payments, the SEC has distributed more than $3 billion overall since the agency was given authority to send financial penalties from SEC enforcement actions to the victims of financial fraud.
Today's $356,128,500 going to individual investors, pension plans and other victims represents the entirety of the money Fannie Mae paid to settle the SEC's fraud charges last year, plus interest. Prior to the enactment of the Fair Funds provisions of the Sarbanes-Oxley Act of 2002, the SEC was required to send financial penalties from its enforcement actions to the U.S. Treasury instead of to harmed investors.
"The SEC is continuing to make highly effective use of the authority provided by Congress in the Sarbanes-Oxley Act to return more money to injured investors as quickly as possible," said SEC Chairman Christopher Cox. "The $350 million penalty paid by Fannie Mae was one of the largest in Commission history, and now all of it is going to its rightful owners - the victims of this fraud."
Linda Chatman Thomsen, Director of the Division of Enforcement, added, "I am very pleased that we were able to swiftly recompense shareholders after creation of the Fair Fund."
The Fair Fund for Fannie Mae victims resulted from an enforcement action in May 2006 in which Fannie Mae paid $350 million to settle SEC charges that it issued materially false and misleading financial statements in SEC filings and in various reports disseminated to investors. Final judgment was entered in August 2006, and the U.S. District Court of the District of Columbia approved the establishment of the Fair Fund in April 2007.
www.sec.gov/news/press/2007/2007-219.htm
camrhon.proboards102.com/index.cgi?board=safe&action=display&thread=1192816786
SEC Announces Start of $357 Million Fair Fund Distribution Process in Fannie Mae Settlement
FOR IMMEDIATE RELEASE
2007-81
Washington, D.C., April 30, 2007 - The Securities and Exchange Commission today announced the beginning of the distribution process for a $357 million Fair Fund created as part of a settlement last year with Federal National Mortgage Association (Fannie Mae) on charges of financial fraud in connection with the preparation of its annual and quarterly financial statements. The distribution is expected to be completed by October.
Potentially eligible claimants include any person or entity that purchased Fannie Mae common stock (ticker symbol FNM) between Jan. 14, 1999 and Dec. 22, 2004, or Fannie Mae Class N preferred stock (ticker symbol FNMprN) between Sept. 25, 2003 and Dec. 22, 2004, according to the court-approved distribution plan. The distribution agent will endeavor to identify potentially eligible claimants; however injured investors also can request a claims packet directly from the distribution agent. More information is available at www.SECFannieMaeSettlement.com.
"We are pleased to announce the start of the Fannie Mae distribution process," said Linda Chatman Thomsen, Director of the SEC's Division of Enforcement. "This expeditious distribution process illustrates the Commission's continuing commitment to improving the speed with which funds are returned to defrauded investors in SEC enforcement actions."
The U.S. District Court of the District of Columbia approved the Fair Fund and its distribution plan on April 16, and appointed Jeffrey D. Dahl, with Minneapolis-based Rust Consulting, Inc., as distribution agent.
The Fair Fund provision of the Sarbanes-Oxley Act of 2002 gave the SEC authority to increase the amount of money returned to harmed investors by allowing financial penalties paid by wrongdoers to be included in the distributions. To date, the SEC has distributed more than $1.2 billion in Fair Fund monies.
The SEC brought a settled action against Fannie Mae in May 2006 alleging that, between 1998 and 2004, Fannie Mae issued materially false and misleading financial statements in various reports and in filings with the SEC. Final Judgment was entered on August 9, and Fannie Mae paid approximately $350 million as part of the resolution of claims brought by the SEC.
www.sec.gov/news/press/2007/2007-81.htm