New Century faces SEC subprime fraud charges

The Securities and Exchange Commission has charged three former executives at subprime lender New Century with securities fraud – including the mortgage firm’s founder Brad Morrice.

The regulator said it is “devoting significant resources” to rooting out fraud within the subprime industry, the collapse of which triggered the financial crisis.

New Century closed in August 2008. The SEC complaint, filed on December 7, names Morrice, together with former chief financial officer Patti Dodge and

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