Thursday, June 04, 2009

Mozilo accused of fraud

WASHINGTON — The government is charging Angelo R. Mozilo, the former chief executive of the mortgage lender Countrywide Financial, and two other company executives with civil fraud.

The Securities and Exchange Commission said Thursday afternoon that its case also accused Mr. Mozilo of illegal insider trading.

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 United States and global economies.

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