SEC charges former Countrywide CEO - The Business Review (Albany):

pifogyxat.blogspot.com
(NYSE: BAC) bought Countrywide in July forabouty $2.5 billion. The deal made the Charlotte, N.C.-based bank the country’sx largest mortgage lender. SEC regulators accuse Mozilo and two othetr former executives of misleading investors about the credi t risks the company took to increase itsmarket share. The SEC allegew Mozilo, former Chief Operatingv Officer David Sambol and former Chieg Financial Officer Eric Sieracki falsely assured investorzs that Countrywide was primarilya prime-quality mortgage lenderr that had avoided underwriting risky The charges stem actions in from 2005 to 2007. Mozilo also was chargec with insider trading.
The SEC allegesa he sold Countrywide stock on the basie ofnonpublic information, reapingh $140 million in profits. New York state Comptrollert Thomas P. DiNapoli today praised the SEC'ws action against Mozilo. “Investors must be assured that the marketzs are free of fraud and andthe SEC’s enforcement action againsgt Countrywide executives sends a clear signal that abuse of investors will not be tolerated,” DiNapolii said.
“The SEC’s allegations stronglu support our claims that defendants engaged in variou s violations of the federal securities We look forward to carrying this case forwarde on behalf of the more than onemilliojn members, retirees, and beneficiaries of the state pensio n fund and the class of wrongex investors we represent.” DiNapoli, as sole trustee of the New York Stat e Common Retirement Fund (Fund), and several New York City pension fundsz are the lead plaintiffs in a consolidated class actionh lawsuit against Countrywide and other defendants, includingb the executives named in the SEC DiNapoli said the fund lost tens of millionx of dollars as a result of the allegecd securities law violations by Countrywider and other defendants.
Countrywide had loan offices in Lathamm andSaratoga Springs.