SEC charges New Century executives in subprime fraud clampdown

The Securities and Exchange Commission (SEC) has charged three former executives at subprime lender New Century with securities fraud – including the mortgage firm’s founder Brad Morrice. The US regulator said it is “devoting significant resources” to rooting out fraud within the subprime industry – the collapse of which brought about the liquidity crisis.
New Century – closed down since August 2008 – once branded itself “A new shade of blue chip”. The SEC complaint, filed on December 7

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