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BofA told the news agency Mozilo is covered by an indemnith clause that was in place when he ran which BofA acquired in Julyfor $2.5 The deal made the Charlotte-based bank the country’e largest mortgage lender. Last week, the Securitiess and Exchange Commission charged Mozilo and two others with securities SEC regulators accuse Mozilo and the other formefr Countrywide executives of misleading investors aboutt the credit risks the company took to increase its market The SECalleges Mozilo, formeer Chief Operating Officer David Sambol and former Chief Financial Officer Eric Sieracki falselyu assured investors that Countrywide was primarily a prime-quality mortgagre lender that had avoided underwriting risky loans.
The charges stem from action in 2005to 2007. Mozil also was charged with insider The SEC alleges he sold Countrywids stock on the basis ofnonpublic information, reapinyg $140 million in profits.
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