Columbus, Ohio (Aug. 11, 2003) — Troubles keep mounting for government-sponsored mortgage securities concern Freddie Mac.
On Friday, Ohio's attorney general, Jim Petro, filed suit against the company in an effort to recover losses from two of the state’s retirement systems.
Litigation against the company was filed in Columbus, New York and Virginia. The AG charged Freddie Mac with “deliberately misleading accounting practices.”
Freddie Mac has come under fire by regulators when it revealed it had to restate its 2000-2002 earnings by as much as $4.5 billion. Earlier this week the company hired David Martin, former director of corporate finance for the Securities and Exchange Commission, as an advisor on financial reporting matters.
— WebCPA staff
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