Statement by Fortress CEO Daniel Mudd on SEC Wells Notice
Daniel Mudd, Chief Executive Officer of Fortress Investment Group LLC (FIG), issued the following statement to Bloomberg News today:
“I have been informed that the SEC staff has sent my counsel a Wells Notice arising out of my service at Fannie Mae. In keeping with SEC procedures, I intend to submit a written response that will make clear why the SEC staff should not pursue any action in this matter.
“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.
“As the executive responsible for initially registering Fannie Mae with the SEC, and having led the company through the SEC-mandated restatement, I have the highest respect for the Commission. Nevertheless, I could not disagree more with this turn of events.”