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Mortgage lender New Century probes examine what execs knew about accounting.

The America's Intelligence Wire

| March 15, 2007 | COPYRIGHT 2003 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From AP Worldstream)

Byline: ALEX VEIGA

Federal investigators looking into New Century Financial Corp. will be examining whether admitted accounting errors by the mortgage lender specializing in high-risk loans were the result of sloppy bookkeeping or fraud, legal experts said Thursday.

Among the areas that will be probed: whether executives began dumping their shares last year because they knew the company was headed for trouble.

"The key issue on both insider trading and securities or accounting fraud is going to be knowledge and intent," said attorney Michael Levy, who has represented Enron Corp., among other companies targeted by…

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