Angelo R. Mozilo, former CEO of Countrywide Financial Corp, winner of the 2008 Worst Company In America award, and oddly orange-tinted bastard, has settled with the Security and Exchange Commission and will to pay fines and forfeit ill-gotten gains in excess of $67 million.
The lawsuit, filed in June of 2009, uncovered emails in which Mr. Mozilo described Countrywide’s loan products as “toxic” and “poison” more than four years ago.
Mozilo agreed to pay $22.5 million in fines to the SEC and to turn over $45 million in ill-gotten gains to former shareholders who have sued him, said the LA Times.
Mozilo, as well as former Countrywide president David Sambol are both barred from ever serving as officers or directors of public companies.
A criminal investigation of Mozilo remains open, according to the LA Times.