Former Countrywide VP Settles Insider Trading Case

Law360, New York (October 30, 2007, 12:00 AM EDT) -- Another former vice president of home lender Countrywide Financial Corp. has settled insider trading charges, agreeing to pay the U.S. Securities and Exchange Commission a total of $109,000 to bring an end to the suit.

One-time Countrywide vice president Quan Zhu reached the settlement with the SEC on Monday, agreeing to pay $35, 547.93 in disgorgement of his illegal trading profits, prejudgment interest of $2,196.33, and a civil money penalty of $71,095.86.

The settlement brings an end to a case in which the SEC alleged that...
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