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Sept. 28, 2018, 4:40 p.m. EDT

SEC charges executive of mortgage servicer with insider trading

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By Francine McKenna

The Securities and Exchange Commission charged Bryan R. Ziegenfuse, a vice president of Servicing for Ocwen Financial Corporation, /zigman2/quotes/209487504/composite OCN -0.51% a mortgage servicing company with multiple instances of insider trading on Friday. The SEC's complaint, filed in federal court in Pennsylvania, says Ziegenfuse learned material non-public information about Ocwen's merger negotiations with PHH Corporation and also about Ocwen's resolution of lawsuits brought by ten states regarding deficiencies in its mortgage lending and servicing units. He also became aware of a prospective enforcement action against the company by the Consumer Financial Protection Bureau. Ziegenfuse allegedly gained approximately $64,000 in illegal profits after trading in the shares and call options of PHH, Ocwen and an Ocwen business partner Altisource Portfolio Solutions /zigman2/quotes/204128320/composite ASPS -1.90% based on his awareness of this confidential information. The SEC is seeking return of al of Ziegenfuse's alleged illegal profits.

$ 33.30
-0.17 -0.51%
Volume: 98.00
Jan. 26, 2023 4:00p
P/E Ratio
Dividend Yield
Market Cap
$254.05 million
Rev. per Employee
US : U.S.: Nasdaq
$ 5.64
-0.11 -1.90%
Volume: 90,061
Jan. 27, 2023 9:54a
P/E Ratio
Dividend Yield
Market Cap
$92.71 million
Rev. per Employee

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