The WSJ is reporting that the Securities and Exchange Commission has decided to recommend filing civil fraud charges against Angelo Mozilo, the co-founder of Countrywide Financial Corp.
From WSJ: The SEC sent a so-called Wells notice to Mr. Mozilo several weeks ago alerting him of the planned charges, the people said. The potential charges include alleged violations of insider-trading laws as well as failing to disclose material information to shareholders, according to one person familiar with the matter.
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Mr. Mozilo has previously maintained that he hasn’t done anything wrong. If the SEC’s commissioners approve the filing of a civil suit against Mr. Mozilo, it could be announced within the next few weeks…
Countrywide was acquired last year by Bank of America Corp (BAC).
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