Former Countrywide employee to serve time for data theft
A former Countrywide Home Loan employee will spend up to 10 months in a community correctional facility for downloading and selling social security numbers from the mortgage lender's databases. The United States Attorney for the Central District of California handed down that sentence this week, according to a release from the FBI's field office in Los Angeles. The employee, 39-year old Rene Rebollo, worked in Countrywide's subprime mortgage division in Pasadena, Calif. As part of his sentence, Rebollo was ordered to pay $1.2 million in restitution to Countrywide, which is now under the umbrella of Bank of America (BAC). The court also put restrictions in place to ensure Rebollo does not have access to consumer information in the future. Authorities arrested Rebollo in 2008 after it was revealed he used access allotted to him as a senior financial analyst in the subprime mortgage division at Countrywide. He eventually pled guilty to unlawfully disclosing social security numbers. The FBI field office claims Rebollo admitted he had saved information on 2.5 million individuals. At least 50,000 individuals ended up having their data disclosed in some way. Another man charged in the case, Wahid Siddiqi, has already been sentenced to 36 months in prison after pleading guilty to fraud and related criminal activity. Countrywide ended up having to spend $1.2 million just to notify the impacted individuals. In addition, the company spent $15.75 million offering those individuals free credit monitoring. Write to Kerri Panchuk.