Fraud charge for former countrywide boss

The former boss of countrywide financial, Angelo Mozilo has been charged under Civil fraud  and  insider trading by the securities and Exchange  commission. Along with him, two other former executives have also been charged under civil fraud.

Mr.Angelo Mozilo was ofcourse the original founder of the countrywide financial in early 1969.He is the highest profile executive to face such a charge ever which all relates to the US  sub-prime mortage in 2007. It was rescued by Bank of America for the sum of $2.5 billion last year 2008.

When questioned about the charges to Mr.Mozilo, “he denies the charge made against him”