NEW YORK (TheStreet) -- Former Fannie Mae (FNMA) CEO Daniel Mudd has received notice from the Securities and Exchange Commission that it plans to pursue civil claims against him, according to a published media report.
Mudd, who is currently the CEO of
Fortress Investment Group
, confirmed in a statement that he had received a so-called Wells notice from the SEC, according to a
Mudd said he plans to submit a rebuttal to the allegations in the notice, the report said.
"I have the highest respect for the commission. Nevertheless, I could not disagree more with this turn of events," Mudd said in the statement, according to
. "The disclosures and procedures that are the subject of the staff's investigation were accurate and complete. These disclosures were previewed by federal regulators, and have been issued in the same form since the company went into government conservatorship."
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Mudd was forced out as Fannie's CEO when the government seized it and
in September 2008 at the height of the financial crisis.
The SEC is looking into several people who were Fannie Mae executives during the crisis and whether they accurately informed investors of the government-sponsored entity's exposure to subprime mortgages, the report said, citing anonymous sources familiar with the investigation.
Mudd will remain CEO of New York-based Fortress Investment Group,
said, citing an anonymous source with direct knowledge of the matter.
This article was written by a staff member of TheStreet.