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Sarbanes-Oxley News & Developments
Ex-Freddie Mac Prez FinedDavid Glenn will pay civil penalty of $125,000 and cooperate with accounting investigation.
> > Former Freddie Mac President David Glenn will pay a civil penalty of $125,000 and cooperate -fully- with a probe of accounting practices of the mortgage finance company.
Glenn is barred from serving in any capacity at either Freddie Mac or rival Fannie Mae, and his firing -with cause- from Freddie Mac cost him about $13 million in severance payments.
Freddie Mac replaced its top executives, including Glenn, in June because of their involvement with an accounting scandal in which the company underreported earnings by $1.5 billion to $4.5 billion over three years.
Source: CNN Money
Published:2003-10-24
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