The SEC staff has issued a Wells notice to Angelo Mozilo, the co-founder of Countrywide Financial Corp., advising Mozilo that it intends to recommend that the SEC file civil fraud charges against him, the WSJ reports. The staff reportedly sent Mozilo the Wells notice several weeks ago.
The WSJ reports that potential charges against Mozilo include alleged violations of insider trading laws as well as failing to disclose material information to shareholders. If approved by the Commission, a civil suit against Mozilo could be filed within the next few weeks.
