SEC to File Civil Fraud Charges Against Angelo Mozilo Co-founder of Countrywide

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.

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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