Former Countrywide Financial Corp. Chief Executive Angelo Mozilo has agreed to settle a lawsuit with securities regulators, ending one of the highest profile enforcement actions to come from the financial collapse.
Mozilo, along with former Countrywide President David Sambol and former Chief Financial Officer Eric Sieracki, appeared in a Los Angeles federal court on Friday morning where the settlement between the U.S. Securities and Exchange Commission and all three executives was announced.
Mozilo will pay a $22.5 million civil penalty, plus $45 million in disgorgement, according to U.S. District Court Judge John Walter.
All three defendants settled without admitting or denying any wrongdoing.
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