Countrywide's Mozilo Settles With SEC For $67.5M

Law360, New York (October 15, 2010, 3:21 PM EDT) -- Former Countrywide Financial Corp. CEO Angelo Mozilo will pay $67.5 million of a $73 million settlement he and two other former executives reached Friday to resolve the U.S. Securities and Exchange Commission’s civil fraud lawsuit alleging they concealed high-risk loans from the public.

The three defendants — Mozilo, former Countrywide President David Sambol and ex-Chief Financial Officer Eric Sieracki — announced their respective settlements during a status conference before Judge John F. Walter in the U.S. District Court for the Central District of California.

Mozilo has...
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