SEC Staff Wants Fraud Suit Against Mozilo: Reports

Law360, New York (May 13, 2009, 12:00 AM EDT) -- Any suggestion that ex-Countrywide Financial Corp. CEO Angelo Mozilo sold Countrywide stock because he had secret adverse information about the company is “scandalous,” Mozilo’s lawyer said Wednesday, on the heels of reports that U.S. Securities and Exchange Commission staff had decided to recommend hitting the former executive with civil fraud charges.

U.S. Securities and Exchange Commission staff has decided to recommend lodging a civil suit against Mozilo over allegations that could include failing to disclose material information to investors and violating insider trading laws, the Wall...
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