TV News LIES

Thursday, May 28th

Last update07:51:56 PM GMT

You are here News Economy Mozilo settles Countrywide fraud case at $67.5 million

Mozilo settles Countrywide fraud case at $67.5 million

E-mail Print PDF

Mozio settles with SECFormer Countrywide chief Angelo Mozilo agreed to a settlement of $67.5 million to resolve charges that he duped the home loan company's investors while reaping a personal windfall, but Bank of America will pick up two-thirds of the bill.

Mozilo, poster boy of the subprime mortgage market's boom and bust, reached a last-minute deal with the U.S. Securities and Exchange Commission before his trial on civil fraud charges was to start on Tuesday.

The most prominent executive charged by U.S. regulators with wrongdoing in connection with the housing market collapse, Mozillo settled without admitting or denying any wrongdoing.

Bank of America, which bought Countrywide in 2008, said it will advance $45 million to Mozilo for the settlement. It said it is required by indemnification provisions to advance funds to Mozilo and another defendant, former Countrywide President David Sambol.

The settlements, announced in Los Angeles federal court, resolve SEC charges that Mozilo, Sambol and another defendant hid risks of the company's teetering mortgage portfolio as the real estate market soured.

More...


Most Recent Related Stories...


BlackBerry cuts jobs worldwide as it consolidates businesses

Blackberry cutting jobs worldwideCanadian smartphone maker BlackBerry Ltd is cutting jobs across the world, the company said on Friday,...

12 percent jump in homelessness in LA County

LA homelessThe number of homeless people in Los Angeles County jumped 12 percent in the past two...

Sharp announces $1.86 billion loss, plans thousands of job cuts

Sharp electronicsJapanese electronics giant Sharp on Thursday said it was cutting thousands of jobs in a fresh...

I am a cook in the US Senate but I still need food stamps to feed my children

Bertrand OlotaraBertrand Olotara has two college degrees, works two jobs and is on public assistance.The 44-year-old divorced...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!