Posted on 10/18/2010 11:38:22 AM PDT by BigFinn
Just days before the start of his sensational trial, junk mortgage king Angelo Mozilo agreed to pay $67.5 million to settle fraud charges and avoid any public humiliation in court. Mozilo, the former CEO of Countrywide Financial, was the highest-ranking executive prosecuted following the financial collapse in 2008 due to toxic mortgage paper. Countrywide was one of the nation's largest originators of subprime loans.
Their trial on charges of fraud and insider trading was set to open next week. Mozilo, who wasn't in the courtroom yesterday, agreed to give up $45 million in ill-gotten profits from illegal trades in Countrywide stock ahead of its collapse, and pay a record $22.5 million civil penalty.His ex-CFO at the firm, Eric P. Sieracki, got off with only a civil penalty of $130,000.
(Excerpt) Read more at nypost.com ...
Riiiiigggghhhht.
And they say crime doesn’t pay!
Did he agree to have a Court Master accompany him to any future travel to Luxembourg and Grand Cayman?
So all that one must do when caught stealing is give back the ill gotten gains and everything is forgotten? When did we start doing that?
HA! If my observations are any guide, it’s not unusual for brokerage firms to make out like bandits in these deals, paying a pittance relative to their take.
From the article:
Both of the restitution payments -- $45 million from Mozilo and $5 million from Sambol -- will be paid on their behalf by Bank of America, which bought Countrywide after its 2008 collapse over junk assets.
His Maybach is gonna go Ka BOOM! sooner or later, with him in it.
How much does this guy still have? If it’s anything, it’s too much. He probably raped people and investors for $100 MM and now he’s given back $67 million — that leaves $33 million in ill-gotten gains. Take it ALL!
This is the same deal that Franklin Raines (and Jamie Gorelick) got when he/she was/were looting the public via Fannie Mae. He walked away with a $120 MM parachute — and he ultimately had to disgorge $25-30 million. BIG DEAL! He walked away with $80+ million!
I used to use his web browser!
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