SEC Staff Recommends Charges Against Mozilo: WSJ - NBC4 Washington

SEC Staff Recommends Charges Against Mozilo: WSJ



    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.

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