Countrywide's Ex-Chief accused for fraud by S.E.C.

The government charged Mr. Angelo R. Mozilo, the former chief executive of the mortgage lender Countrywide Financial, and
two other company executives with civil fraud. The Securities and Exchange Commission (S.E.C.)said Thursday afternoon that its case also accused Mr. Mozilo of illegal insider trading.

As a C..E.O he had misled the people about countrywide's high risk  paramaters and also sold the stocks of company and gained profit from it.He had collected $140 million   during his reign from 2005-2007 by selling stocks to the company.

For making high profit company also gave loan to high risk debtors with bad credit hsitory and   caused increase in financial crisis.

His defending lawyer said that" 

'he did perfrom well as the C.E.O. of the said company and acted in the maner he would have to do during that circumstances".

Two other persons of countrywide were also inovolved into the matter as explained by S.E.C  .They were accused of not being neutral and hiding the fact that it was providing loans to high risk group persons and assuring the investors that they were providing the best quality of loans,.

Let's wait and see what resolution comes out in this matter and within how much time.