More Securities Law Fraud from Countrywide Financial…. in trouble again?
Last year, executive Angelo R. Mozillo of Countrywide Financial Corp. was fined by the Securities and Exchange Commission in one of many suits involving allegations that Countrywide borrowers and investors. The securities law fraud allegedly concerns the risks of lending. The fine mislead or misrepresented was in the amount of $22.5 million dollars, the largest ever imposed on an individual for a case involving misrepresentations to shareholders. The securities fraud laws extend not only for stock broker fraud but for other frauds committed on investors, many of whom are here in Fort Lauderdale, Aventura, Miami and Boca Raton.
Countrywide was recently accused of predatory lending and has settled to pay a $6.5 million dollars in California courts. The State of California as one of the top 10 states in the foreclosure crisis will create a fund with $5.2 million dollars of the money for the relief of troubled homeowners. The fund created for the homeowners will be used to educate them and assist other agencies statewide in prosecuting mortgage fraud. The remaining amount will pay for the costs of the investigation and attorneys fees. Hopefully this lesson will curve the lenders ideas of predatory lending and get some other lenders to see the most needed reconsideration or modification of many of the loans they created that contribute to the foreclosure crisis in many states.
If you believe your investment advisor, financial advisor or stock broker has committed a fraud contact a South Florida securities fraud lawyer or law firm. Attorneys in South Florida who practice in the field of stock broker fraud and stock broker misdeeds are very capable and will be pleased to give you the time for a consultation about any stock broker fraud that may have been committed on you.