70-year-old Angelo Mozilo looks increasingly likely to be the first, and perhaps only, big name to face charges over the sub-prime home-loans scandal.

Until last July, Mozilo was chairman and chief executive of Countrywide Financial, once the largest American mortgage lender and a prime source of the dodgy home loans that sank the global financial system. But unlike most, Mozilo managed to get out when the going was, if not good, at least still going.

In the few months before leaving, Mozilo managed to sell $130m (£86m) of his own shares. Finally, he sold the firm he had co-founded for $4.1bn to Bank of America.

Now the Securities and Exchange Commission wants to know more details about exactly what Mozilo knew - and when - before selling his shares and the firm. Last week it emerged that the regulator has issued a so-called Wells notice alerting Mozilo to potential charges.

Sunday Times