Defendant Name: Federal National Mortgage Association

Defendant Type: Public Company
SIC Code: 6111
CUSIP: 31358610

Initial Case Details

Legal Case Name SEC v. Federal National Mortgage Association
First Document Date 23-May-2006
Initial Filing Format Civil Proceeding
Case Number 06-cv-00959
Allegation Type Issuer Reporting and Disclosure
Federal District Court District of Columbia, District of Columbia

Violations Alleged

Exchange Act
• Sec 10(b) + Rule 10b-5
• Rule 12b-20
• Sec 13(a)
• Rule 13a-1
• Rule 13a-11
• Rule 13a-13
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)
Securities Act
• Sec 17(a)(2)
• Sec 17(a)(3)

Resolutions

First Resolution Date 23-May-2006
Headline Total Penalty and Disgorgement $350,000,000

Related Documents:

comp19710 23-May-2006 Complaint
Complaint
The Commission stated: "The Federal National Mortgage Association ("Fannie Mae," or the "Company") engaged in a financial fraud involving multiple violations of Generally Accepted Accounting Principles ("GAAP") in connection with the preparation of its annual and quarterly financial statements."
LR-19710 23-May-2006 Litigation Release
Fannie Mae to Pay $400 Million Penalty for Accounting Fraud - SEC and OFHEO Settle Action Against Fannie Mae
The Commission stated that: "[It] filed a settled enforcement proceeding charging the Federal National Mortgage Association ("Fannie Mae"), a shareholder-owned government-sponsored enterprise, with fraudulent accounting in violation of the anti-fraud, books and records, internal controls and reporting provisions of the Securities Exchange Act of 1934 (the "Exchange Act") and the anti-fraud provisions of the Securities Act of 1933 (the "Securities Act")."
court_doc4_06-cv-00959 09-Aug-2006 Court Docket Document
Final Judgement as to Defendant Federal National Mortgage Association
The Court stated: "Defendant Federal National Mortgage Association . . . consented to the Court's jurisdiction over Defendant and the subject matter of this action; consented to entry of this Final Judgment without admitting or denying the allegations of the Complaint (except as to jurisdiction); waived findings of fact and conclusions of law; and waived any right to appeal from this Final Judgment."
2007-219 19-Oct-2007 Press Release--Civil Action
SEC Distributes $356 Million to Defrauded Fannie Mae Investors - Investor Protection Agency's "Fair Funds" Distributions to Fraud Victims Top $3 Billion Mark
The SEC "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."