As the SEC's fraud case against former Countrywide Financial executives moves toward trial, the executives charged have previewed their defenses in their failed motions for summary judgment. At least one top executive has argued that he relied on the advice of in-house lawyers. But the SEC argued that former Countrywide CFO Eric Sieracki failed to provide evidence that he had sought specific advice from the lawyers, and that he was improperly attempting to use this line of defense as both a sword and a shield.
Countrywide CFO's Defense: What About the Lawyers?
September 22, 2010