SEC Staff Recommends Charges Against Mozilo: WSJ

Thursday, Jan 7, 2010  |  Updated 4:38 PM CDT
View Comments (
)
|
Email
|
Print

advertisement

Staff at the Securities and Exchange Commission decided to recommend civil fraud charges against Angelo Mozilo, co-founder of Countrywide Financial, a newspaper report said Wednesday.

According to the Wall Street Journal, the SEC sent an initial notice to Mozilo several weeks ago warning him of the charges. The charges include alleged violations of insider-trading laws and failing to disclose material information to shareholders.

A civil lawsuit against Mozilo could be announced in the next few weeks.

Countrywide, once the nation's biggest home-mortgage lender, was acquired by Bank of America (NYSE: BAC) in 2008 amid the housing downturn.

  • Slideshow: Rogues Gallery
For more stories from CNBC, go to cnbc.com.

Get the latest headlines sent to your inbox!
View Comments (
)
|
Email
|
Print
Leave Comments
What's New
Get NBCDFW on Mobile!
Get NBCDFW's free news and weather... Read more
Follow Us
Sign up to receive news and updates that matter to you.
Send Us Your Story Tips
Check Out