25. Fannie Mae
Year: 1998-2004
Approx. Amount: $400 Million*
Company / Person Involved: Fannie Mae
Between 1998 and 2004, the mortgage loan company, Fannie Mae, falsified reports and gave inaccurate statements in regards to the higher-risk mortgage loans of which the company had holdings. As a result of the risks that Fannie Mae opted to take with investors’ money (and during the financial crisis, nonetheless) the company lost investors hundreds of millions of dollars.
Fannie Mae ©Frontpage / Shutterstock.com
In 2006, as a settlement for the charges laid against Fannie Mae, that pertained to “fudging” the company’s financial records, the company paid $400 million to the SEC. In 2011, former executives from Fannie Mae were charged with securities fraud as it was deemed that they had known about the aforementioned ill-fated investments.