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| -Lurid Crime Tales- |
| Countrywide co-founder, 2 others settle with SEC |
| 2010-10-16 |
| Countrywide Financial Corp. co-founder Angelo Mozilo and two other former executives have agreed to pay tens of millions of dollars to settle civil fraud and insider trading charges with federal regulators, lawyers said in federal court Friday. Mozilo and the others were to face trial on the charges next week. Mozilo agreed to repay $45 million in ill-gotten profits and $22.5 million in civil penalties. Former Countrywide President David Sambol will repay $5 million in ill-gotten profits and $520,000 in civil penalties, and former Chief Financial Officer Eric P. Sieracki will pay $130,000 in civil penalties. Under the agreement, the three men did not admit wrongdoing. |
| Posted by:Fred |
| #14 Hisparent were from Sicily and are darked skinned just like him. his 'tan' is natural. So, in other words, he's related to Charlie Crist? |
| Posted by: Swamp Blondie 2010-10-16 21:38 |
| #13 A man is entitled to retire after many years of hard work. Perhaps Mr. Mozillo can get an accommodation adjoining Mr. Lay. |
| Posted by: Nimble Spemble 2010-10-16 21:12 |
| #12 The "Friends of Angelo" scheme was dodgy at best, and piss-poor publicity-wise. Had it not been for the fact that the "friends" involved were in Congress and other high-powered positions, it would also have been illegal. (It actually probably was, but no one was willing to arrest the congresscritters.) He may be a nice guy in person, but as a homeowner whose mortgage was bought by Countrywide, I'd surely have loved to have the deals those already-rich guys got (and didn't need). :-( |
| Posted by: Barbara Skolaut 2010-10-16 18:15 |
| #11 Quite possibly, it is cheaper to settle the case and pay the forfeit than continue spending every day fighting in court for the next two years. |
| Posted by: trailing wife 2010-10-16 17:57 |
| #10 to protect Chris Dodd's re-election....er.. wait. what? |
| Posted by: Frank G 2010-10-16 16:21 |
| #9 tu3031, out of the goodness of his heart. |
| Posted by: Rambler in Virginia 2010-10-16 15:39 |
| #8 So if he did nothing wrong, how come he's paying the feds 67.5 million? |
| Posted by: tu3031 2010-10-16 15:25 |
| #7 He did nothing wrong. Go on, tell us another. |
| Posted by: Anguper Hupomosing9418 2010-10-16 14:25 |
| #6 I know Angelo personally. You guys couldn't be more wrong about him. His parent were from Sicily and are darked skinned just like him. his 'tan' is natural. He did nothing wrong. He worked hard for many years, starting from almost nothing, to make Countrywide the major player it became. He planned his retirement years before the SHTF. He made the shareholders over a billion dollars. A man is entitled to retire after many years of hard work. He was unfairly 'tarred' with the same brush, by the media, as other corporate 'raiders' of the same time period, because the media always needs scapegoats. |
| Posted by: Mike Hunt 2010-10-16 13:45 |
| #5 Damn! Look up "reptilian" in the dictionary and I'll bet his picture's next to it. He looks like he had a lizard skin graft... |
| Posted by: tu3031 2010-10-16 12:22 |
| #4 Angelo's complexion would have gone SO WELL with an orange jumpsuit. Pity that the US Attorney General sleeps with Cthulhu. |
| Posted by: Anguper Hupomosing9418 2010-10-16 11:29 |
| #3 Ah, yes, Ye Olde Friday Afternoon Bad News press release. Chris Dodd must've taught him that trick. He'll meet you at the club, Angelo. And he'll buy. After all you've done for him, it's the least he can do... |
| Posted by: tu3031 2010-10-16 10:41 |
| #2 Gee...I wonder who might have had a problem with a public trial, evidence, etc....? |
| Posted by: Uncle Phester 2010-10-16 10:40 |
| #1 Just a cost of doing business. |
| Posted by: Glenmore 2010-10-16 10:33 |