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Friar_Tuck
Flash in the pan


Joined: 12 Mar 2007
Posts: 80

NEW Director "UNaware of his insider sales"
PostPosted: Tue Mar 13, 2007 7:47 pm Reply with quoteBack to top

NEW YORK (Reuters) - A board member at battered subprime lender New Century Financial Corp. (NEWC.PK: Quote, Profile , Research) last month sold $2.75 million worth of stock amid a 36 percent plunge in the company's share price, U.S. regulatory filings show.

The director, Michael Sachs, said he was not aware the shares were being sold until after the Feb. 8 transaction was completed, according to a filing with the Securities and Exchange Commission. Since then, lenders have stopped providing funding to New Century, pushing the company toward bankruptcy.

The Feb. 8 sale of 140,000 New Century shares on Sachs' behalf happened on the day after the subprime lender said it found accounting problems and would restate financial results.



I call bull***t; this is gonna be WAAAAAY bigger than the S&L collapse dudes.....
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