The staff of the Securities and Exchange Commission has decided to recommend that the agency bring civil fraud charges against Angelo Mozilo, the former chief executive of mortgage lender Countrywide Financial Corp., according to a published report Wednesday.

The SEC staff sent a Wells notice to Mozilo a few weeks ago informing him of possible charges, The Wall Street Journal reported online, citing unnamed people familiar with the investigation. The report said the charges include illegal insider trading and failing to disclose significant information to Countrywide shareholders

Source: WSJ

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