Former Countrywide VP Settles Insider Trading Charges
Former Countrywide Financial
The SEC said that Zhu received a tip from another Countrywide exec that the mortgage lending giant would fall short of analyst expectations for 2004 third-quarter earnings.
Zhu then sold Countrywide shares , bought put options and sold short Countrywide stock in his wife's account after receiving the nonpublic information, the SEC said.
Zhu settled without admitting or denying the charges.