Via the Daily News comes word that the Daily Journal, a local legal publication (with a pay wall) is reporting that Angelo Mozilo, former CEO of Countrywide Financial is facing civil fraud charges. Via the News: "The Daily Journal reported today that the Securities and Exchange Commission is developing a case that charges Mozilo and other executives with the Calabasas-based firm with misleading shareholders about the true condition of its credit risks...The charges would be the most significant effort at enforcement action against high-ranking executives involved in Southern California's mortgage meltdown, which helped trigger the nation's current economic crisis." This move follows a lawsuit filed last summer by California's attorney general (numerous other states also filed suits) alleging that Countrywide used deceptive marketing practices. [Daily News]
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