Angelo Mozilo, Countrywide Ex-CEO, Settles With SEC For 67.5M
LOS ANGELES Countrywide Financial Corp. co-founder Angelo Mozilo has concurred to a 67.5 million settlement to refrain trial on civil fraud and insider trading charges that alleged he profited from doling out risky mortgages while.
Two other former Countrywide executives also settled before trial next week on charges filed by the Securities and Exchange Commission. But employment agreements that protect the men from lawsuits involving the unsuccessful lender mean Bank of USA Corp., which purchased Countrywide in July 2008, will pick up most of the tab.
The settlement announced Friday spares the executives the risk of a verdict that could have been used against them in lawsuits by shareholders, or by prosecutors if a criminal probe into their activities leads to charges.
It also gives the SEC the right to brag about what it stated is the biggest financial penalty ever against a public company's senior executive. The bureau has been criticized for doing tiny to prevent much of the risky behavior that led to the financial meltdown and for imperfectness to detect physiologist Madoff's big investment fraud.
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