SEC Hits Mozilo With Fraud, Insider Trading Suit

Law360, New York (June 4, 2009, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission on Thursday accused former Countrywide Financial Corp. CEO Angelo Mozilo and two other former executives of securities fraud, claiming they deliberately misled investors about credit risks the company took in efforts to build its market share.

The complaint, filed in the U.S. District Court for the Central District of California, also accuses Mozilo of insider trading, claiming he earned $140 million in profit by selling his Countrywide stock based on nonpublic information.

"This is the tale of two companies," said...
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