Feds to Charge Ex-Countrywide CEO With Fraud
June 5th, 2009Via: CBS/AP:
The government is charging 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 case also accuses Mozilo of illegal insider trading, an agency spokesman said Thursday.
Countrywide was a major player in the subprime mortgage market, the collapse of which in 2007 touched off the financial crisis that has gripped the U.S. and global economies.
Mozilo is the most high-profile individual to face formal charges from the federal government in the aftermath of the crisis.
Mozilo has denied any wrongdoing. His attorney did not immediately return an e-mail message for comment Thursday afternoon.
