Countrywide founder in deep doo-doo with the SEC
Angelo Mozilo has been charged with fraud, leveled by the SEC with regard to Countrywide’s subprime loans.From MSNBC:
Federal regulators on Thursday charged Angelo Mozilo, the former chief executive of mortgage lender Countrywide Financial Corp., and two other company executives with civil fraud.
The Securities and Exchange Commission’s civil lawsuit, filed in federal district court in Los Angeles, also accuses Mozilo of illegal insider trading.
Civil fraud charges also were filed against Countrywide’s former chief operating officer David Sambol, 49, and ex-chief financial officer Eric Sieracki, 52.
The trio “deliberately misled” Countrywide shareholders, SEC enforcement director Robert Khuzami said at a news conference at agency headquarters. While they painted a picture of robust performance, the real Countrywide was “buckling under the weight” of soured mortgage loans, he added.
Countrywide started our trip down the road to depression when they took the first dump.
I hope to hell Angelo does jail time..but I ain’t holding my breath that the over tanned bag of shit does any time in jail. I would feel much better if the FBI charged this fuckwit. Angelo knew Countrywide was taking a shit but sold his shares for over $140 million dollars before they fell from grace. Again, from the MSNBC writeup:
The SEC is seeking injunctions and unspecified civil fines against Mozilo, Sambol and Sieracki and wants them to be barred from serving as officers or directors of any public company. The agency also is seeking unspecified restitution of allegedly ill-gotten profits from Mozilo and Sambol.
Fry those bastards..please.