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Posted on October 15, 2010 | tags

 
 

Biz: Countrywide’s former CEO nailed with massive fine by SEC

  • You know Countrywide? Of course you do, if you have any knowledge of big evil companies that screwed millions of good people by convincing them to get into subprime mortgages. Before the proverbial doo-doo hit the fan, the company’s former CEO,¬†Angelo Mozilo, cashed out big time, using his insider knowledge to ensure a big payday. Now, a couple years after the fact, the SEC twisted his arm until he agreed to forfeit a bunch of that money. The details:
  • $140 million in stock sold, based on insider information
  • $22.5
    million
    the size of the fine Mozilo will have to pay to settle securities fraud charges
  • $45 million the amount Mozilo will have to give back due to the charges¬†source
 
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