Former Countrywide VP Settles Insider Trading Charges
By: Reuters
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.
Former Countrywide Financial Vice President Quan Zhu agreed to pay $108,840 to settle insider trading charges, the U.S. Securities and Exchange Commission said on Monday.