charges of hilarity:
Mozilo falsely portrayed Countrywide as prudent lender

  • 04 Jun 2009 at 4:07 PM

SEC Officially Charges Angelo Mozilo With Insider Trading

Picture 1481.pngPress release (and excerpts from the Tan Man’s emails):

SEC Charges Former Countrywide Executives With Fraud
Former CEO Angelo Mozilo Additionally Charged With Insider Trading
Washington, D.C., June 4, 2009 — The Securities and Exchange Commission today charged former Countrywide Financial CEO Angelo Mozilo and two other former executives with securities fraud for deliberately misleading investors about the significant credit risks being taken in efforts to build and maintain the company’s market share. Mozilo was additionally charged with insider trading for selling his Countrywide stock based on non-public information for nearly $140 million in profits.

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