SEC Favors Civil Charges Against Angelo Mozilo

May 16. 2009

Angelo Mozilo

The staff of the SEC is recommending civil charges against Angelo Mozilo, the former CEO of Countrywide. Civil charges are for civil people! Mozilo is a criminal and thus deserves criminal charges.

The man walked away from the bank with almost $200 million, while hordes of homeowners lost their properties they put their blood, sweat and tears into, under his unbearable, unmanageable loans, structured to entice and deceive, then gouge the maximum amount of cash out of Americans.

I don’t like how the SEC operates. I think the agency is too weak, behind the times and incapable of handling the needs of the nation’s financial sector.

When one commits financial crimes one should face criminal charges from the beginning. No pussyfooting around with civil charges and lawsuits of the same. Freeze and seize assets, try the individual(s) in criminal court, then lock them up.

One should not be able to profoundly impact so many people’s lives in America or around the world, in such a negative way and be able to play golf at the country club during the day, then dine in luxury at night.

SEC staff recommends civil charges against Mozilo of Countrywide

3:07 PM PDT, May 13, 2009 - The Securities and Exchange Commission's staff has recommended the filing of civil charges of fraud and insider trading against Angelo Mozilo, the co-founder and former chief executive of Countrywide Financial Corp., a person familiar with the investigation said today.

Mozilo already faces private lawsuits accusing him of improperly selling his stock in the mortgage giant as its financial condition soured.

A decision on whether to bring civil charges of insider trading and failure to disclose Countrywide's troubles to shareholders must be made by the five SEC commissioners. Attorneys for Mozilo, who has denied wrongdoing, would have opportunities to try to persuade the commissioners not to file a lawsuit…

http://www.latimes.com