Search for: "Angelo Mozilo"
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11 Jun 7:16 am
Federal authorities have announced their securities fraud lawsuit against former Countrywide Financial Corp. CEO Angelo Mozilo, the Los Angeles Times reported June 5. The move was expected; Mozilo is also being investigated on criminal
... down. He went on to say "Frankly, I consider that product line to be the poison of ours." The lawsuit does not allege that Mozilo committed
mortgage fraud or predatory lending. However, both practices are widely believed to be responsible for Countrywide's downfall ...
14 May 4:55 am
... may charge Angelo Mozilo with fraud. The staff of the Securities and Exchange Commission has
decided to recommend that the agency bring civil fraud charges against Angelo Mozilo, the former
chief executive of mortgage lender Countrywide Financial Corp., according to a published report Wednesday. Those "friends" from the Countrywide sweetheart loan scandal include Sen.
Chris Dodd (D-CT), Kent Conrad (D-ND), Richard ...
5 Jun 2:13 am
... 4, 2009, the SEC filed a civil securities fraud complaint (here) in the Central District of California against Angelo Mozilo, the former CEO of Countrywide Financial Corp., as well as the company's former COO and CFO. The complaint ... to investment bankers and other mortgage
buyers. The complaint alleges that while the company was issuing reassuring statements to investors, Mozilo "internally issued a series of
increasingly dire assessments of the various Countrywide loan products and the risks to ...
10 Jun 3:30 am
... have expressed surprise and even outrage that Bank of America is advancing the legal expense that former Countrywide CEO Angelo
Mozilo is incurring in defending against the various claims that have been raised against him, including the recent ... act in "good faith and
in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation." Mozilo is a very wealthy man,
wealthy enough that if the statutory standard for repayment is triggered, BofA can try to ...
15 Jun 3:06 am
... , we have the SECs complaint against Countrywides former CEO Angelo Mozilo and others as a
first of its kind SEC case questioning trades made ... companies in the SECs press release announcing the action. In the complaint, the SEC notes that Mozilo entered into four Rule 10b5-1 sales plans in late 2006, ... Kevin LaCroix provides a great explanation of why it is appropriate for Bank of America to
be advancing Mozilos defense expenses. Academic Research on Hedging Transactions and Abnormal Returns ...
6 Nov 9:29 am
A federal judge rejected a request by Angelo Mozilo, the former chief executive of mortgage lender
Countrywide Financial Corp, to dismiss a U.S. Securities and Exchange Commission lawsuit accusing him of securities fraud and insider ... 5.1 million stock options and sale of the
resulting shares, leading to more than $139 million of profit. According to the complaint, Mozilo set up the plan shortly after admitting in an
email to colleagues that Countrywide was "flying blind" as to the quality of its ...
13 May 2:38 pm
Some news you might have missed today while memorizing the recently circulated bios of the incoming summer associates: SEC to Sue Mozilo? Staff
at the SEC have decided to recommend filing civil fraud charges against Angelo Mozilo, the co-founder
of Countrywide Financial Corp. The SEC sent a so-called Wells notice to Mozilo several weeks ago alerting him of the planned charges. The
potential ...
4 Jun 2:49 pm
... , was 72. On with it: SEC Charges Mozilo: The SEC filed civil charges against former Countrywide Financial Corp. Chief Executive
Angelo Mozilo and two other former executives, accusing them of committing fraud by misleading
investors. Mozilo was additionally charged with insider trading for selling his Countrywide stock for about $140 million in profit based on
nonpublic information. (WSJ; complaint) Leader of ...
5 Jun 11:18 am
Federal regulators yesterday charged Angelo Mozilo, the former chief executive officer of mortgage
lender Countrywide Financial Corp., and two other company executives with civil ... civil lawsuit, filed in federal District Court in Los Angeles, also accuses Mozilo of illegal insider trading. "The complaint does not tell the whole story of either ... public disclosures," and the SEC's claims about the stock sales
are "without merit," Mozilo's lawyer, David Siegel, at Irell & Manella LLP in Los Angeles ...
23 Feb, 2008 5:23 am
... in an election year, anything Congress does is fraught with political peril. That's why next Thursday Henry Waxman will take his House Media Circus Committee from Roger Clemens to
Angelo Mozilo, Stan O'Neal and Charles Prince. The topic will be executive pay for failure in
companies ... clear. As the WSJ points out, none of the three former executives left with severance pay. Mozilo, for example, gave up $37.5
million in post-retirement severance, fees and benefits he was ...
25 Jun, 2008 4:23 pm
Given that the Illinois attorney general's office is planning to file a civil lawsuit against Countrywide Financial and its chief executive, Angelo Mozilo - alleging unfair and deceptive practices in mortgage loans - Mr. Mozilo must be crossing his fingers (twice!) that the Bank of America deal occurs. The reason [...]
16 Jun 6:34 am
... alleging that three former Countrywide Financial executives engaged in securities fraud makes for some very important reading for our nation's lawyers and law students. Aside from
an insider trading claim aimed at Angelo Mozilo, the founder and former chief executive of
Countrywide, the crux of the SEC's civil charges concern the actions of Mozilo and two of his lieutenants, David Sambol and Eric Sieracki.
Whether or not the allegations are proven true ...
5 Mar 8:47 pm
MORE ON "FRIEND OF ANGELO" FRANKLIN RAINES: "Former Fannie Mae Chief Executive Officer Franklin Raines was offered a 4.125 percent mortgage
from Countrywide Financial Corp. in 2003, more than a percentage point less than the national average at the ... to documents provided by a congressional committee. . . . Raines, Senate
Banking Chairman Christopher Dodd and Senator Kent Conrad were among prominent Americans accused of receiving favorable treatment on loans from Countrywide CEO Angelo Mozilo."
28 Jan, 2008 4:43 am
The cash pile that Countrywide Financial's chief executive, Angelo R. Mozilo, stands to reap from the
lender's $2 billion sale to the Bank of Americajust got a little smaller. Mr. Mozilo said on Monday that he would give up $37.5 million in
severance pay and other fees he stood to gain from the mortgage lender's sale [...]
11 Jan, 2008 2:30 pm
Speculation is already buzzing that Countrywide Financial's chief executive, Angelo R. Mozilo, won't
stick around Bank of America after it completes its purchase of the mortgage lender later this spring.. But what's a former executive to do for a second act? It's a bit like that
age-old conundrum: all that money - but nowhere to [...]
5 Jun 6:31 am
... .49 close yesterday. Nice trade, not that it was worthy of a mention in the interview. But Mozilo did come up with one for the ages: The
loans themselves are not problematic. It's ... and Exchange Commission accused former Countrywide Financial Corp. Chief Executive Angelo
Mozilo and two former lieutenants of fraud, and unveiled emails from the height ... executive charged with fraud (guardian.co.uk) Countrywide's
former chief Angelo Mozillo charged with fraud and insider dealing by SEC (telegraph.co.uk ...
5 Jun 5:31 am
... .49 close yesterday. Nice trade, not that it was worthy of a mention in the interview. But Mozilo did come up with one for the ages: The
loans themselves are not problematic. It's ... and Exchange Commission accused former Countrywide Financial Corp. Chief Executive Angelo
Mozilo and two former lieutenants of fraud, and unveiled emails from the height ... executive charged with fraud (guardian.co.uk) Countrywide's
former chief Angelo Mozillo charged with fraud and insider dealing by SEC (telegraph.co.uk ...
26 Jun, 2008 4:22 am
... were also "Friends of Angelo," as revealed by Conde Nast Portfolio Magazine. Thatâs Angelo as
in Angelo Mozilo, chairman and CEO of Countrywide. Itâs a pretty seedy story: When Conrad was
looking to buy his Delaware beach house in 2002, he ... for information on their mortgages. Read the whole thing. Meanwhile, here's a followup from Portfolio Magazine. Plus,
Angelo's Ashes: "Countrywide Financial is becoming more of an embarrassment for Bank of America just days before it completes a takeover ...
1 May, 2007 5:20 am
... a brief story about the compensation paid to the CEO of Countrywide Financial Corp., the largest US home-mortgage lender. Angelo
Mozilo, the CEO, received a compensation package of $48.1 million, while realizing another $72.2 million through the ... who resigned, Kathleen
Brown, was not independent because of her employment relationship with Goldman Sachs. Likewise, the CEO, Mozilo, was not considered
independent. Otherwise, the "Board has determined that each of the current Directors . . . has no ...
4 Jun 1:31 pm
... SEC had filed charges against three former Countrywide executives, including former CEO Angelo Mozilo, former COO David Sambol and former CFO Eric Sieracki. You can ... live tweets here. During his remarks, Khuzami spent a fair amount of time talking
about how Mozilo et al said one thing to investors and another thing in the filings. One ... making my way through the actual complaint and
will post some more thoughts soon. Mozilo's emails seem particularly interesting and kind of remind me of those old ...
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