(Reuters) - Alan Cao, Quan Zhu and Jun Shi admitted to betting that Countrywide shares would decline after learning the Calabasas, California-based company's results in the third quarter of 2004 would fall short of analysts' forecasts, according to the U.S. Attorney for the Central District of California.
Each defendant pleaded guilty to one count of securities fraud, which carries a maximum 20-year prison sentence. The case stemmed from a probe by the FBI, with the assistance of the U.S. Securities and Exchange Commission, prosecutors said.
Read more at Reuters.com Business News
Each defendant pleaded guilty to one count of securities fraud, which carries a maximum 20-year prison sentence. The case stemmed from a probe by the FBI, with the assistance of the U.S. Securities and Exchange Commission, prosecutors said.
Read more at Reuters.com Business News
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