Originally published Thursday, June 4, 2009 at 3:31 PM
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Summary Box: Mozilo accused of civil fraud
FORMER COUNTRYWIDE CEO CHARGED: The government has accused Angelo Mozilo and two other former executives of the fallen mortgage lender of civil fraud and insider trading. The three dispute the civil charges by the Securities and Exchange Commission.
FORMER COUNTRYWIDE CEO CHARGED: The government has accused Angelo Mozilo and two other former executives of the fallen mortgage lender of civil fraud and insider trading. The three dispute the civil charges by the Securities and Exchange Commission.
ALLEGED INSIDER TRADING: In addition to misleading investors about the risks taken by Countrywide, the SEC says Mozilo reaped nearly $140 million by selling his company stock based on confidential information.
MOZILO A HIGH-PROFILE PLAYER: Mozilo, who co-founded Countrywide 40 years ago and built it into the biggest U.S. mortgage lender, became a major player in the subprime mortgage market that collapsed in 2007 and touched off the global financial crisis.
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