Thursday, October 18, 2007
SEC Targets Stock Sales by Countrywide CEO
The Securities & Exchange Commission is investigating Countrywide Financial Corp.'s Angelo R. Mozilo, who sold $130 million worth of stock in the ailing mortgage lender in the first half of the year. Mozilo allegedly changed the terms of his prearranged 10b5-1 trading plan to allow increased sales of his stock. The company's shares have plunged by more than half their value this year, and thousands of employees have been laid off.