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Reply #8: There was no trial [View All]

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FarCenter Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-05-11 11:51 AM
Response to Reply #5
8. There was no trial
Lending Magnate Settles Fraud Case

Angelo R. Mozilo, the former chief executive of Countrywide Financial, once the nations largest mortgage lender, agreed to pay $67.5 million on Friday to settle a civil fraud case brought by the Securities and Exchange Commission last year.
The deal came just four days before a jury trial was scheduled to begin in Los Angeles. David Sambol, the former president of Countrywide, and Eric Sieracki, the former chief financial officer, were also sued by the S.E.C. Both men settled their cases Friday as well; Mr. Sambol agreed to pay $5.52 million and Mr. Sieracki consented to $130,000. Mr. Sambol also is barred for three years from serving at a public company.
The terms of the settlements were approved by John F. Walter, the federal judge overseeing the case in Californias central district court. After reading the details of the settlement, Mr. Walter said, I would have been interested to see what a jury would have decided. Because of the settlement, as is often the case, well never know.

Judge Walter apparently was not curious enough to reject the settlement of the SEC action.
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