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BofA told the news agency Mozilpo is covered by an indemnity clause that was in place when heran Countrywide, which BofA acquirefd in July for $2.5 billion. The deal made the Charlotte-basedc bank the country’s largest mortgagee lender. Last week, the Securitieas and Exchange Commission charged Mozilo and two others withsecuritiee fraud. SEC regulators accuse Mozilo and the otherd former Countrywide executives of misleading investord about the credit risks the company took to increased itsmarket share.
The SEC allegees Mozilo, former Chief Operating Officer Davidd Sambol and former Chief Financial Officere Eric Sieracki falsely assured investors that Countrywide was primarilya prime-qualitg mortgage lender that had avoidefd underwriting risky loans. The charges stem from actionsz in 2005to 2007. Mozil o also was charged with insider The SEC alleges he sold Countrywidse stock on the basis ofnonpublic information, reapinfg $140 million in profits.
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