Although he already looks like toast, he's toast. The FBI has been working thru the SEC to pursue criminal charges. A Wells notice just gives you a chance to respond before formal charges are brought upon you. By the time you get one, they know you did something wrong and are just letting you know they know for sure. This is more than his sale of $145mm of Countrywide stock before it crashed. FBI is pursuing fraud charges, which will in fact put him in the big house.
Come on, get real. Even if he was tried on criminal charges and sent to prison within a few weeks it would be recognised that he had a rare condition that required several hours sunbed exposure a day and as the correctional authorities do not have the facilities to offer this kind of specialised treatment he would be released on compassionate grounds so that he could continue with his treatment at home.
What difference does this "too little, too late" BS make? ZERO! These government fools always seems to come in & try to lock the barn after all the horses have been stolen! All the time. Shit, these idiots should have done this WHILE all the fleecing was going on. Maybe they could have made a difference then. Now? Pfffffftttt.... The same with thousands of other conmen/"CEO's" out there. The country, many corporations & taxpayers in general have been fleeced in the order of $$$trillions and now these idiots bring a handful of the more "well-known" crooks to look as if the law really works. TOO LATE. The money's GONE!
Funny because it would be in California and Shwartzeneggar said just today that he wants to release nonviolent prisoners to save the state money. But then again they don't have money because of the severity of the housing crisis there of which Countrywide was at the root. Maybe they will make an exception and get him a tanning bed. I wonder if he would die without it, like Mr. Freeze in Batman needs the cold.
According to this article the sec is only filing a civil suit. It is my understanding that a civil suit is limited to monetary damages only and no jail time is possible.......if criminal charge are involved than there would be jail time if found guilty. Topics:Corporate Fraud | CEOs and CFOs | SEC | Regulations | Housing | Real Estate By: CNBC.com and Reuters | 13 May 2009 | 05:52 PM ET Text Size U.S. regulators have recommended filing a civil fraud suit against Countrywide Financial co-founder Angelo Mozilo for insider trading, the Wall Street Journal reported on Wednesday. Staff at the Securities and Exchange Commission had decided to recommend filing the suit against Mozilo, who co-founded the No. 1 U.S. home-mortgage lender taken over by Bank of America, the Journal cited people familiar with the investigation as saying.
Mozillo will end up in jail for something, we are going to need a Ken Lay type to pin the tail on the donkey for this mess and he is just the perfect guy for it. This is no mystery considering the crazy run for the exit he was making two years ago, the only thing I don't get is why he didn't leave the country before this.
History repeats itself. In another life many of you burned heritics, started witch hunts, and joined lynch mobs. Now the evil bankers are the reason for all the worlds troubles. I never thought that I would see the day the villagers would revolt over easy low interest money handed to them on a silver platter.