Former Countrywide charged with insider trading

first_imgThey then used the information to sell off their shares, to buy put options and, eventually, to short-sell the stock, prosecutors said.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREGame Center: Chargers at Kansas City Chiefs, Sunday, 10 a.m.His attorney declined to comment. Zhu, of Santa Monica was fired in June. That same month, federal prosecutors disclosed he and two other former Countrywide executives had agreed to plead guilty to criminal charges of insider trading as part of a scheme that generated more than $100,000 in profits. All were vice presidents working in financial planning or portfolio management. Sentencing in the men’s criminal cases was expected in the coming weeks. The SEC filed civil insider trading charges against the other two men – Alan Cao and Jun Shi – last year. Both agreed to pay back gains from their Countrywide stock transactions plus fines. In plea agreements in the criminal case, Zhu, Cao and Shi admitted they got hold of confidential data showing Countrywide would not meet Wall Street analysts’ financial expectations for the third quarter of 2004. A former executive at mortgage lender Countrywide Financial Corp. of Calabasas was charged Monday with insider trading after he sold stock before the company announced negative earning results three years ago, regulators said. The Securities and Exchange Commission filed a civil complaint against Quan Zhu, 43, in Los Angeles federal court. Zhu has agreed to settle the charges, without admitting or denying the allegations, by paying nearly $109,000, officials said. Regulators say Zhu was tipped to nonpublic information about the company’s negative earning results in 2004. In the days before the quarter’s results were made public, he sold short the company’s stock and bought put options, betting that the stock price would fall. The transactions resulted in gains of more than $35,000 once the stock fell with the public announcement, officials said. last_img read more

Ranji Trophy: Ashok Dinda’s five-wicket haul helps Bengal beat Railways

first_imgBengal pacer Ashok Dinda rose to the occasion when it mattered the most as his five-wicket haul ensured a 43-run win over Railways in a Ranji Trophy Group A league encounter in Dharamsala on Sunday.Needing 119 runs on the final day with five wickets in hand to reach a victory target of 315, Railways could manage 271 in 93.2 overs largely due to Dinda’ s 5/67.Bengal are now firmly on course for a knockout berth with 15 points in their kitty with two outright wins and three points by virtue of first innings lead in a drawn match.En-route his 20th five-wicket haul in first class cricket, Dinda also completed a match haul of 10 wickets (10/112) having taken 5/45 in first innings.It was a tricky final day as Mahesh Rawat (34) and skipper Karn Sharma (54 not out) came out to bat.The score was 186 for five and the second new ball was just an over old. Using the conditions and his ability to hit the deck hard to perfection, Dinda employed a fuller length which did the trick.First to go was Rawat who got a delivery that caught him plumb in-front. Once the 54-run stand came to an end, the floodgates opened as Dinda demolished the lower half in an unchanged 6.2 over spell.While Karn chanced his arm at the other end, there was no support for him. Amit Mishra (5) edged an away going delivery to skipper Manoj Tiwary in the slips. Dipak Bansal (1) nicked one to Wriddhiman Saha.Anureet Singh (10) and Karan Thakur (1) were then cleaned up as it turned out to be a perfect match for Bengal pace trio led by Dinda. Youngsters Amit Kuila and Sayan Ghosh got five wickets apiece as the three pacers bagged all 20 wickets in the match.advertisementlast_img read more