Talk about a fall from grace for ‘Oh Tanned One’ Angelo Mozilo.
The man who was once lauded as the greatest friend to the homeowner for happily extending credit to anyone with a pulse is looking at possible civil fraud charges from the SEC, reports WSJ.
Mozilo, who sold Countrywide to Bank of America (BAC) before the crisis had fully revved up (brilliant), faces all kinds of legal headaches, including charges of Fraud in Florida (They’re blaming Mozilo for their housing bubble, which is, ahem, absurd).
Among the issues the SEC is concerned with: The timing of Mozilo’s stock cash-outs prior to the BofA sale. The SEC may not be good for much, but they sure know how to ding someone for well-time stock sales.