Home
  
Writs issued against New Century Financial heads
Calcutta News.Net
Tuesday 8th December, 2009
Executives from the collapsed mortgage lender New Century Financial Corp have been accused of fraud by US regulators.
Three former top executives of the defunct firm allegedly misled investors and inflated profits as the company's subprime loan business was failing in 2006.
A lawsuit has been framed against them, seeking injunctions and unspecified civil fines and restitution.
The people named are New Century's former CEO and co-founder Brad Morrice, former chief financial officer Patti Dodge and former controller David Kenneally.
The Irvine, California based firm played a large part in packaging subprime mortgage loans to borrowers with inferior credit records.
The company has been blamed for being one of the main reasons for America's home-loan bubble.
The company filed for bankruptcy protection in April 2007 and was dissolved in August 2008.
Have your say on this story
|
 |
 |
- CEAT to set up tyre plant in Bangladesh
Indian tyre major CEAT, an RPG Group company, will set up a Rs.250 crore greenfield tyre manufacturing plant in Bangladesh, a company official said he ... [read story]
- Court sends cop to jail, says men in uniform flouting law
A Delhi court has awarded two years' rigorous imprisonment to a traffic police constable for assaulting and illegally detaining a woman, observing tha ... [read story]
- Rahul, Mangal in Indian archery team for Asian Grand Prix
Rahul Banerjee and Mangal Singh Champia Wednesday returned to the Indian archery team for the first Asian Grand Prix at Bangkok Feb 14-20.
Tarundeep ... [read story]
- It's for AITA to decide Olympics line-up: Bhupathi
Indian tennis star Mahesh Bhupathi Wednesday lobbed the ball into the court of the All India Tennis Association (AITA) on his possible pairing with Le ... [read story]
- Three arrested for kidnapping
A kidnapping for ransom case has been solved and three kidnappers arrested, police said Wednesday.
The three, Islamuddin, 30, Sarfaraz, 31, and Abu A ... [read story]
|
|
 |
 |
|
|
