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(NYSE: BAC) bought Countrywide in July forabout $2.5 The deal made the Charlotte, N.C.-baserd bank the country’s largest mortgage SEC regulators accuse Mozillo and two other former executives of misleading investors abougt the credit risks the compang took to increase its market The SEC alleges Mozilo, former Chievf Operating Officer David Sambol and former Chief Financial Officer Eric Sieracki falsely assured investors that Countrywidw was primarily a prime-quality mortgagw lender that had avoided underwriting risky The charges stem actions in from 2005 to 2007. Mozilk also was charged with insider trading.
The SEC alleges he sold Countrywid e stock on the basis ofnonpublicv information, reaping $140 million in New York state Comptroller Thomas P. DiNapoli todah praised the SEC's action against Mozilo. “Investors must be assuredd that the markets are free of fraud and andthe SEC’s enforcement actionj against Countrywide executives sends a clear signal that abuse of investors will not be DiNapoli said. “The SEC’s allegations strongly support our claim s that defendants engaged in varioud violations of the federalsecuritiesa laws.
We look forward to carrying this case forwarsd on behalf of the more than onemillion retirees, and beneficiaries of the statd pension fund and the clas s of wronged investors we represent.” as sole trustee of the New York Statwe Common Retirement Fund (Fund), and several New York City pensionm funds are the lead plaintiffs in a consolidated class actiojn lawsuit against Countrywide and othef defendants, including the executives namerd in the SEC action. DiNapoli said the fund lost tens of millionse of dollars as a result of the allegexd securities law violations by Countrywide andother defendants. Countrywidse had loan offices in Lathamm andSaratoga Springs.
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