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SEC Seeks To Introduce New Evidence In Upcoming Trial Of Ex-Countrywide Execs

Publication Date: 
October 07, 2010
Source: 
Los Angeles Times
Author: 
E. Scott Reckard

The government is trying to introduce new evidence at the upcoming trial of former Countrywide Financial Corp. Chairman Angelo R. Mozilo and two former top executives to show that they knew about the company's alleged misdeeds during the frenzied housing boom and its catastrophic bust.

With a civil jury trial looming mid-month, the Securities and Exchange Commission filed more evidence that it wants to use in its securities-fraud and insider-trading case against the three former executives at what once was the nation's largest mortgage lender. Among the disclosures:

...

The SEC also wants to exclude some defense evidence from the jury's consideration. That includes testimony from Stanford University law professor Joseph Grundfest, a prominent securities law expert and former SEC commissioner who maintains in a 1,000-page report that Mozilo and the other defendants did nothing wrong.