At the risk of this newsletter sounding more like a crime blotter than an analysis of IT security news affecting financials, Intelligencer notes that a former Countrywide employee was arrested this week, accused of selling personal information on more than 2 million sub-prime loan applicants to an outsider for less than three cents each.

Reports indicate that Rene Rebollo Jr., 36, of Pasadena spent Sunday nights in the office downloading applicant information into a personal thumb drive via an office computer known not to have the same security protections as the rest. He then sold the information to Wahid Siddiqi, 25, who was overheard making a deal by a confidential informant.

Rebollo is charged with exceeding authorized access to the computer of a financial institution and faces a maximum of five years in federal prison. Siddiqi is charged with fraud and related activity in connection with access devices, facing a maximum 15 years in prison.

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