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Criminal investigation of New Century

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Lloyd Bonafide

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Senior Member
Joined
Jan 15, 2006
Professional Status
Certified Residential Appraiser
State
California
If anybody is going to be prosecuted regarding the sub-prime meltdown, these clowns should be near the front of the line.

http://www.latimes.com/business/la-fi-newcent26-2008nov26,0,94233.story?page=1


The subprime lending industry was starting to buckle under the weight of bad loans in November 2006, when executives at Irvine-based New Century Financial Corp. held a conference call to release their latest earnings.

Loan volume was down and defaults were up, the earnings report showed, and in recent weeks at least five stock analysts had downgraded the company's shares. Moreover, four executives had sold nearly $20 million in stock in the last four months, six times as much as they had sold over the previous 12 months.

That led one analyst to ask whether there was anything investors should know.

"It's just part of their personal financial diversification plan," Chief Executive Brad A. Morrice said in response to the question during the Nov. 2 earnings call.

Those executive stock sales, however, have emerged as a central element in the Justice Department's criminal investigation of New Century
 

Al Location

Freshman Member
Joined
Nov 18, 2008
Professional Status
Certified Residential Appraiser
State
California
The karma for corporate headquarters with palm trees in front of them has to be as bad as auto executives who habitually fly corporate jets.
 

Paul Isolda

Senior Member
Joined
May 20, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
Nobody's been held accountable yet. I guess we can still hope but I'm not holding my breath.
 
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