SEC charging ex-CEO Mozilo with fraud

Looks like ex-Countrywide CEO Angelo Mozilo is going to be doing the perp walk.

(AP) -- Federal regulators on Thursday charged Angelo Mozilo, the former chief executive of mortgage lender Countrywide Financial Corp., and two other company executives with civil fraud.

The Securities and Exchange Commission's civil lawsuit, filed in federal district court in Los Angeles, also accuses Mozilo of illegal insider trading.
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Civil fraud charges also were filed against Countrywide's former chief operating officer David Sambol, 49, and ex-chief financial officer Eric Sieracki, 52.

The trio "deliberately misled" Countrywide shareholders, SEC enforcement director Robert Khuzami said at a news conference at agency headquarters. While they painted a picture of robust performance, the real Countrywide was "buckling under the weight" of soured mortgage loans, he added.

Mozilo "was actively taking his own chips off the table" by selling his shares to reap nearly $140 million in illicit profits, Khuzami said.

You might remember Mozilo from the executive pay scandal. Mozilo took home $160 million in 2005 and $120 million in 2006.

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Finally

The SEC is starting to actually do their job?

Or is it our classic token guy who got so busted who could ignore it?

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