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Thursday, June 04, 2009

Report: SEC to Charge Angelo Mozilo with Insider Trading

by Calculated Risk on 6/04/2009 03:09:00 PM

Headline from the WSJ: The SEC is expected to approve civil fraud charges against former Countrywide executives as soon as today.

From CNBC: SEC to Charge Ex-Countrywide CEO: Sources

The SEC will charge Angelo Mozilo, former chairman and CEO of Countrywide Financial, with insider trading, according to people familiar with the situation.

The SEC will also charge the company's former chief operating officer, David Sambol, and former financial chief, Eric Sieracki, with securities fraud for failing to disclose the firm's relaxed lending standards in its 2006 annual report.

The charges, which are expected to be announced by the SEC later today, will not be accompanied by any criminal indictments.