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A month earlier, the company's internal auditors discovered over $3.8 billion in illicit accounting entries intended to mask WorldCom's dwindling earnings, which was by itself more than the accounting fraud uncovered at Enron less than a year earlier. [111] Ultimately, WorldCom admitted to inflating its assets by $11 billion. [112]
In February 2011, the SEC charged DHB Industries, a major supplier of body armor to the U.S. military and law enforcement agencies, for engaging in a large accounting fraud, and in addition separately charged three of DHB's former outside directors and audit committee members for their complicity in the scheme. [28]
The Federal Home Loan Mortgage Corporation (FHLMC), commonly known as Freddie Mac, is an American publicly traded, government-sponsored enterprise (GSE), headquartered in Tysons, Virginia. [ 3 ] [ 4 ] The FHLMC was created in 1970 to expand the secondary market for mortgages in the US.
Noticing the pattern, Freddie Mac investigated and broke up the ring. The agency solicits help from the public to bust floppers and has a toll free number to report suspicious activity: 1-800-4fraud8.
The Housing and Economic Recovery Act of 2008—passed by the United States Congress on July 24, 2008, with bipartisan support and signed into law by President George W. Bush on July 30, 2008—enabled expanded regulatory authority over Fannie Mae and Freddie Mac by the newly established FHFA, and gave the U.S. Treasury the authority to advance ...
For Bank of America , paying huge legal settlements has become a way of corporate life since the mortgage meltdown that caused the financial crisis. Though other big banks have also faced many ...
On August 3, 2009, SIGTARP special agents raided the company's headquarters in Ocala, Florida, in connection with an investigation related to the company's acquisition of a majority stake in Colonial BancGroup, once one of the 25 biggest depository banks in the U.S. [3] Taylor, Bean & Whitaker had signed a deal on March 31, 2009, to become the majority owner of Colonial BancGroup in a $300 ...
Fannie Mae and Freddie Mac, two U.S. government-sponsored enterprises, owned or guaranteed nearly $5 trillion (c. $6.95 trillion in 2023 [289]) trillion in mortgage obligations at the time they were placed into conservatorship by the U.S. government in September 2008. [358] [359]