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Countrywide co-founder, 2 others settle with SEC
Countrywide Financial Corp. co-founder Angelo Mozilo and two other former executives have agreed to pay tens of millions of dollars to settle civil fraud and insider trading charges with federal regulators, lawyers said in federal court Friday.Mozilo and the others were to face trial on the charges next week. Mozilo agreed to repay $45 million in ill-gotten profits and $22.5 million in civil penalties. Former Countrywide President David Sambol will repay $5 million in ill-gotten profits and $520,000 in civil penalties, and former Chief Financial Officer Eric P. Sieracki will pay $130,000 in civil penalties. Under the agreement, the three men did not admit wrongdoing. Posted by: Fred 2010-10-16 |
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