Another bankster gets off easy [View All]

[marmar]

By John Letzing, MarketWatch


SAN FRANCISCO (MarketWatch) — Countrywide Financial co-founder Angelo Mozilo and two other former executives at the mortgage giant at the center of the subprime meltdown reached a deal with the U.S. Securities and Exchange Commission on Friday, agreeing to pay millions of dollars to settle insider-trading and fraud charges.

Mozilo agreed to repay $45 million in profits, and $22.5 million in civil penalties, stemming from charges filed against him by the SEC last year.

In addition, Mozilo is permanently barred from serving as an officer or director of a public company.

It was not immediately clear how much of the repayment of profits will be shouldered by Bank of America Corp., which acquired Countrywide in 2008, and how much will be paid personally by Mozilo.

SEC Director of Enforcement Robert Khuzami declined during a conference call with reporters to disclose exactly what portion Mozilo would be paying. “That’s a matter between Bank of America and Mr. Mozilo,” Khuzami said. ..........(more)

The complete piece is at: http://www.marketwatch.com/story/countrywides-mozilo-settles-sec-charges-2010-10-15