Countrywide CEO charged by SEC

The Securities and Exchange Commission (SEC) has charged former Countrywide Financial Corp. Chief Executive Angelo Mozilo and two others with securities fraud. The SEC alleges Mozilo, former Chief Operating Officer David Sambol and former Chief Financial Officer Eric Sieracki falsely assured investors about the health Countrywide loans.Mozilo also was charged with insider trading. The SEC alleges he sold Countrywide stock on the basis of nonpublic information, reaping $140 million in profits.In 2007, Mozilo took in $121.5 million from exercising stock options and was awarded another $22.1 million of compensation. Mozilo's lawyer said the lawsuit "does not reflect a balanced or fair consideration of the facts or the law" and that the stock trades at issue were "entirely lawful."