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Countrywide execs charged with fraud
0 Comments | Deseret News (Salt Lake City), Jun 5, 2009 | by Associated Press
WASHINGTON -- Federal regulators on Thursday charged Angelo Mozilo, the former chief executive of mortgage lender Countrywide Financial Corp., and two other company executives with civil fraud.
The Securities and Exchange Commission's civil lawsuit, filed in federal district court in Los Angeles, also accuses Mozilo of illegal insider trading. Countrywide was a major player in the subprime mortgage market.
Mozilo, 70, is the most high-profile individual to face formal charges from the federal government in the aftermath of the crisis. He has denied any wrongdoing and Mozilo's attorney on Thursday called the SEC's allegations "baseless."
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Civil fraud charges also were filed against Countrywide's former chief operating officer David Sambol, 49, and ex-chief financial officer Eric Sieracki, 52.
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