Angelo Mozilo, the former co-founder of Countrywide Financial, has agreed to pay $67.5 million to the SEC to settle fraud charges. He has a reported net worth of $600 million so he has come out of this mess smelling like a rose.
The settlement was announced Friday at a status conference in the case before U.S. District Judge John Walter in Los Angeles, who called the settlement “fair and in the public interest.”
Mozilo was slated to appear in the federal courthouse on Tuesday. But there were published reports in recent days that Mozilo and the SEC have been in confidential settlement negotiations over the past couple of weeks.
Former Countrywide president David Sambol also settled and will pay fines totaling $5.25 million, while ex-CFO Eric Sieracki will pay a penalty of $525,000.
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