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S.E.C. Accuses Countrywide’s Ex-Chief of Fraud

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TheCoxwain Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jun-04-09 03:30 PM
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S.E.C. Accuses Countrywide’s Ex-Chief of Fraud
Source: Nytimes

WASHINGTON -- The government is charging Angelo R. Mozilo, the former chief executive of the mortgage lender Countrywide Financial, and two other company executives with civil fraud.

The Securities and Exchange Commission said Thursday afternoon that its case also accused Mr. Mozilo of illegal insider trading.

Countrywide was a major player in the subprime mortgage market, the collapse of which in 2007 touched off the financial crisis that has gripped the U.S. and global economies.

Mr. Mozilo is the highest-profile person to face formal charges from the federal government in the wake of the crisis.

Mr. Mozilo has denied any wrongdoing. His lawyer did not immediately return an e-mail message for comment Thursday afternoon.

Read more: http://www.nytimes.com/2009/06/05/business/05insider.ht...



Another one bites the dust ...
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WePurrsevere Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jun-04-09 03:44 PM
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1. Locking duplicate found here...
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