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The Securities and Exchange Commission today (June 5) charged Anthony Mozilo, former chief executive of the former Countrywide Financial (now part of Bank of America) with securities fraud. Mozilo and former president David Sambol and former chief financial officer Eric Sieracki falsely assured investors that Countrywide was primarily a prime quality mortgage lender that had "avoided the excesses of its competitors," according to the agency. In addition, Mozilo was charged with insider trading for dumping his shares for nearly $140 million in profits while in possession of non-public information. The three executives had acknowledged internally that the company was writing increasingly risky loans, but this was not disclosed to investors, according to the agency.
The Securities and Exchange Commission today (June 5) charged Anthony Mozilo, former chief executive of the former Countrywide Financial (now part of Bank of America) with securities fraud. Mozilo and former president David Sambol and former chief financial officer Eric Sieracki falsely assured investors that Countrywide was primarily a prime quality mortgage lender that had "avoided the excesses of its competitors," according to the agency. In addition, Mozilo was charged with insider trading for dumping his shares for nearly $140 million in profits while in possession of non-public information. The three executives had acknowledged internally that the company was writing increasingly risky loans, but this was not disclosed to investors, according to the agency.