Countrywide Financial CEO Angelo Mozilo sold truckloads of stock just before the subprime market collapsed. The chief executive started a plan in October 2006 in which he raised the number of shares that he could be sold twice, once in December 2006 and again in February - both at near all-time highs. Many investors are questioning whether or not these sales were fair or whether it was a case of good old-fashion insider trading.

Mr. Moore, the treasurer of North Carolina, recently wrote the SEC asking that the agency look into the sales, "As an investor and a Countrywide shareholder, I was shocked to learn that C.E.O. Angelo Mozilo apparently manipulated his trading plans to cash in, just as the sub-prime crisis was heating up and Countrywide’s fortunes were cooling off."

Whether or not any of these accusations can be proven remains to be seen, but the SEC is likely to at least look into the matter following the request by Moore. The case also brings into question what exactly is considered fair practice when it comes to buying and selling of company stock...