Ex-Countrywide Execs Settle Insider-Trading Charges

Law360, New York (March 2, 2006, 12:00 AM EST) -- Two former Countrywide Financial Corp. executives agreed to dish out a total of $140,000 to resolve insider trading allegations that they sold company shares after learning from an upcoming earnings report of a decline in their company’s stock in October 2004.

On Wednesday, the Securities and Exchange Commission filed a civil suit in a federal court in Los Angeles against Alan Cao, former vice president of financial planning, and Jun Shi, first vice president of finance, who settled without admitting or denying any wrongdoing.

Cao, 37,...
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