SEC Readies Charges Against Countrywide's Angelo Mozilo

Reports from the Wall Street Journal, the SEC has recommended filing civil fraud charges against Countrywide co-founder and former CEO Angelo Mozilo over violations of insider-trading laws and failing to disclose material information to shareholders.

Mozilo sold millions of shares of Countrywide ahead of the company's fall from grace and fire-sale to Bank of America (NYSE: BAC). Countrywide was the country's largest mortgage lender and was collapsing under mounting mortgage related losses.

The Journal said Mozilo's attorneys could still persuade the SEC's commissioners not to bring a case.

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