SEC charges New Century Financial officers with securities fraud

Filed under: Law

The Securities & Exchange Commission announced today that it has charged the former CEO, CFO, and controller of former subprime behemoth New Century Financial with securities fraud.

Facing charges are former CEO and co-founder Brad A. Morrice, former CFO Patti M. Dodge, and former controller David N. Kenneally. All are accused of failing to warn investors about the risks in the company's business model, and of violating GAAP rules in making undisclosed accounting changes to mask the rapidly deteriorating performance of the company's subprime loans.

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SEC charges New Century Financial officers with securities fraud originally appeared on BloggingStocks on Mon, 07 Dec 2009 17:30:00 EST. Please see our terms for use of feeds.

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