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Securities Law

Ex-Countrywide VPs Admit Wrongdoing

Posted Jun 27, 2007 9:34 AM CDT
By Debra Cassens Weiss

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Three former vice presidents of Countrywide Financial Corp. have agreed to plead guilty to securities fraud, according to federal prosecutors in Los Angeles.

A statement says Alan Cao, Quan Zhu and Jun Shi admitted to trading based on inside knowledge that the company’s financial results would fall short of expectations, the Wall Street Journal reports.

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