Angelo Mozilo likely to face insider trading charges

Securities and Exchange Commission staff have recommended that former Countrywide Financial CEO Angelo Mozilo face civil securities fraud charges.

The Wall Street Journalreports (subscription required) that the SEC has sent Mr. Mozilo a Wells Notice -- a document alerting its recipient that he will likely face SEC charges. The Journal says, "The potential charges include alleged violations of insider-trading laws as well as failing to disclose material information to shareholders, according to one person familiar with the matter."