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SEC Files Charges Against Former Countrywide VP

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Oct 29, 2007 6:50 pm US/Pacific

SEC Files Charges Against Former Countrywide VP

LOS ANGELES (AP) ― The Securities and Exchange Commission has filed insider trading charges against a former vice president at mortgage lending giant Countrywide Financial Corp.

The complaint was filed against 43-year-old Quan Zhu in Los Angeles federal court on Monday.

The SEC says Zhu traded Countrywide stock in 2004 with the help of non-public information about the company's negative earnings results.

Regulators say Zhu has agreed to settle the charges without admitting or denying the allegations by repaying nearly $109,000.

The SEC filed civil insider trading charges against two other Countrywide executives last year.

The men -- Alan Cao and Jun Shi -- also agreed to plea deals.

(© 2007 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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