Posted on 10/15/2010 1:55:11 PM PDT by Toddsterpatriot
LOS ANGELES (TheStreet) -- Countrywide's former Chairman, CEO and co-founder Angelo Mozilo and two other top ranking officials will pay a combined $73 million to settle with the Securities and Exchange Commission for misleading investors as the subprime mortgage crisis emerged.
Without admitting any wrongdoing, Mozilo, 71, agreed to repay $45 million in "ill-gotten" gains to settle the SEC's disclosure violation and insider trading charges against him and another $22.5 million in civil penalties, the SEC said on Friday.
(Excerpt) Read more at thestreet.com ...
It must really, really suck to have to give back 15-20% of your gains when you’re such a well-tanned criminal who caused multiple tens of billions of dollars of damage to the US financial system. I move that he gets an exemption from the “tanning tax” in the new healthcare bill. What say you?
Drop in the bucket fine compared to the real damage. So the govt get the fine and what about the victims. Double insult.
Just another example of to big to come under the full penalty of the law. Too big to face criminal charges. The government is happy they actually made money off from the out come. Now the investors.... Who cares.
I find it hard to believe that a person can commit fraud on such a grand scale, be fined $73 Million Dollars, and not spend a single day in JAIL, where he belongs for the rest of his life along with COMPLETE Civil Asset Forfeiture.
Best system of justice money can but.
How nice. What just and severe punishment. (/sarc)
Wasn't Dodd a friend of his?
Thanks for posting. Great comments here and at the article.
News...but what IS the downside for Angelo?
By the way, my understanding is that BAC Bank of America who bought CFC Countrywide will pick up 2/3rds of this fine.
Must be nice.
This doesn't prevent criminal charges from being filed against him.
The SEC probably keeps most of it.
The government that enabled him to rip everybody off?
Yup.
$67.5 million less to spend at the tanning salon?
“”All three defendants settled without admitting or denying any wrongdoing.””
Oh you can bet that it is written into the agreement.
It always is.
LOL! Yeah, with his remaining meager assets the poor bastard might have to settle for a spray-on tan.
Nope, only about $27.5MM less. BAC picks up the rest.
They’re still in the House and Senate.
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