On July 29, 2010, the Commission accepted settlement offers from three former officers of New Century Financial Corporation. Brad A. Morrice, the former CEO and co-founder; Patti M. Dodge, the former CFO; and David N. Kenneally, the former controller, consented to the relief described below without admitting or denying the allegations in the Commission’s Complaint.
Posts Tagged ‘New Century Financial’
Subprime Settlement With New Century Officers
July 30th, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: Accounting Principles, Adequate Steps, Backlog, Cfo, Co Founder, Global Settlement, Loan Portfolio, Misleading Statements, Morrice, Mortgage Business, Negative Trends, New Century Financial, New Century Financial Corporation, Overstatement, Permanent Injunction, Private Stock Offerings, Section 17, Securities Act Of 1933, Subprime Mortgage, Understatement 
Comments OffSEC Charges Ex – New Century Execs In Subprime Case
December 9th, 2009 Before You Invest Reuters- Three former executives at now-bankrupt lender New Century Financial Corp were charged with fraud by U.S. securities regulators on Monday, the latest government effort to pursue wrongdoing in the subprime mortgage market.The U.S. Securities and Exchange Commission accused the three executives of trying to disguise New Century’s rapidly deteriorating performance from investors while releasing weekly internal reports entitled “Storm Watch.”The 2007 failure of New Century, one of the largest independent providers of home loans to people with poor credit, rippled across the U.S.
Posted in Finance Fraud Tags: Angelo Mozilo, Brad Morrice, Civil Fraud, Civil Penalties, Countrywide Financial, Disgorgement, Dramatic Increases, Forerunner, Global Financial Crisis, Government Effort, Insider Trading, Loan Defaults, Mortgage Lender, Mortgage Lending, New Century Financial, New Century Financial Corp, Patti Dodge, Reuters, Securities And Exchange Commission, Subprime Mortgage Market No Comments »
