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SEC charges 3 officers of Subprime Lender New Century Financial Corporation with Fraud

New Century Fiancial Corp officers charged w fraudU.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 21327 / December 7, 2009

SECURITIES AND EXCHANGE COMMISSION v. BRAD A. MORRICE et al., Civil Action No. SACV09-01426 JVS (C.D. Cal.) SEC CHARGES FORMER OFFICERS OF SUBPRIME LENDER NEW CENTURY WITH FRAUD The

Securities and Exchange Commission today charged three former top officers of New Century Financial Corporation with securities fraud for misleading investors as New Century’s subprime mortgage business was collapsing in 2006. At the time of the fraud, New Century was one of the largest subprime lenders in the nation. The SEC’s complaint names as defendants: Former CEO and co-founder Brad A. Morrice of Laguna Beach, Calif. Former CFO Patti M. Dodge of Irvine, Calif. Former Controller David N. Kenneally of Rossmoor, Calif.

(The complete Complaint is available on the SEC site.)

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December 8, 2009 - Posted by | Foreclosure Filings - General, News

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