Countrywide Chiefs Charged With Fraud

The former chief operating officer and the company’s former chief financial officer have also been charged with fraud.

Mr Mozilo is the most high-profile executive so far to face charges arising from the credit crisis.

Mr Mozilo, the butcher’s son who founded the California-based company in 1960, is accused of misleading investors about the level of risk the company was running in selling unaffordable mortgages to poor Americans.

He built Countrywide into a mortgage giant by pushing into every area of home lending. The company’s earnings jumped $500 million in 2001 to $2.7 billion in 2006.

The men are expected to plead not guilty to the civil charges.

Frenkels have a wealth of experience in fraud investigations, for more information contact John Frenkel or Vivian Cohen.


Leave a Comment

For the latest updates from us, our industry and any other information we feel is worth sharing with our customers, please Sign up to join our email list...

Join Mailing List