Countrywide Fraud Case Settled for $67.5M
Angelo Mozilo, former CEO of Countrywide Financial, on Friday agreed to pay a $67.5 million fine for shortchanging investors while earning windfall profits for himself.

Mozilo will pay a $22.5 million civil penalty, plus $45 million in disgorgement, which is money the U.S. Securities and Exchange Commission says he made after he violated its rules.

“In my view the proposed settlement is very reasonable in light of the significant hurdles that both sides would have faced in proving their case at trial," U.S. District Court Judge John Walter said.

Former Countrywide President David Sambol and former CFO Eric Sieracki also agreed to settle the case. All three defendants settled without admitting or denying any wrongdoing.

Source: Reuters News (10/15/2010)