{"id":4526,"date":"2007-11-15T02:28:00","date_gmt":"2007-11-15T02:28:00","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2007\/11\/exfreddie_mac_ceo_leland_brend"},"modified":"2022-03-25T15:37:02","modified_gmt":"2022-03-25T20:37:02","slug":"exfreddie-mac-ceo-leland-brend","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/exfreddie-mac-ceo-leland-brend\/","title":{"rendered":"Ex-Freddie Mac CEO Leland Brendsel Will Pay $16.4 Million Fine to Settle OFHEO Action"},"content":{"rendered":"

\t\t\t\tFormer Freddie Mac CEO and Chairman Leland C. Brendsel says he will pay the $13 million in penalties imposed by the Office of Federal Housing Enterprise Oversight. As part of the deal, he will also waive his claim to $3.4 million from Freddie Mac. Payment of the fine would settle the OFHEO’s administrative enforcement action against the former Freddie Mac CEO. <\/p>\n

The OFHEO charges, initially filed in December 2003, alleged that Brendsel created a company environment that permitted improper earnings management, allowed accounting to function without the proper resources, and neglected to set up proper controls within the company. As a result of the unsound and unsafe practices, as well as the misconduct, the OFHEO claimed that Freddie Mac sustained financial losses. <\/p>\n

The consent order is connected to an accounting scandal that forced the company to restate up to $4.5 billion in earnings. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Former Freddie Mac CEO and Chairman Leland C. Brendsel says he will pay the $13 million in penalties imposed by the Office of Federal Housing Enterprise Oversight. As part of the deal, he will also waive his claim to $3.4 million from Freddie Mac. Payment of the fine would settle the OFHEO’s administrative enforcement action […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3753],"tags":[],"class_list":["post-4526","post","type-post","status-publish","format-standard","hentry","category-mortgage-backed-securities"],"yoast_head":"\nEx-Freddie Mac CEO Leland Brendsel Will Pay $16.4 Million Fine to Settle OFHEO Action — Investor Lawyers Blog — November 15, 2007<\/title>\n<meta name=\"description\" content=\"Former Freddie Mac CEO and Chairman Leland C. 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