ALEXANDRIA, Va., April 14, 2015 /PRNewswire/ -- A United States judge in the Southern District of New York today dismissed the 2011 case brought by the Securities & Exchange Commission (SEC) against three former executives of the Federal Home Loan Mortgage Corporation (Freddie Mac) around Freddie Mac's public statements in 2007 and 2008 concerning subprime loans. The dismissal of the SEC's complaint against former CEO, Richard Syron, the former Chief Business Officer, Patricia Cook and the former Vice President of Credit Policy, Donald Bisenius, followed a negotiated agreement under which there will be no injunction, fine, disgorgement, findings of wrongdoing or censure.
Donald Bisenius issued the following statement regarding the dismissal of the case against him:
"I am gratified that the SEC has agreed to end its case against me. The dismissal of the case today under these terms vindicates me completely.
"The undertakings to which I have agreed in order to put this case behind me do not limit me in any practical way. I am not making any payment to the SEC or to anyone in connection with this case; rather, the insurance carriers for Freddie Mac are making a nominal donation to an unrelated fund to benefit investors on my behalf. While I have agreed not to make certifications required of CEOs and CFOs of public companies for a limited period of time, I have never been employed in such a position, nor do I currently have plans to seek such employment in the future.
"I am grateful to the numerous current and former employees of Freddie Mac who testified so favorably in pre-trial discovery about my character and to their belief that I committed no wrongdoing. Now that the case is over, I look forward to focusing on the future, including my career and spending time with family and friends."
For more information, contact:
Daniel J. Beller, Esq.
Paul, Weiss, Rifkind, Wharton & Garrison LLP
1285 Avenue of the Americas
New York, NY 10019-6064
Tel. No: (212) 373-3312
Email: [email protected]
SOURCE Donald J. Bisenius