Towards the end, Angelo was cashing in $17,000,000 worth of stock options every five days, and he practically walks scot-free.
From the nytimes.com:
Angelo R. Mozilo, the former chief executive of Countrywide Financial, once the nation’s 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. Countrywide itself is paying $20 million of Mr. Mozilo’s $67.5 million payment as part of an indemnification agreement he has with the company.
Earlier this year, Goldman Sachs paid a $550 million fine to settle securities fraud charges. Securities regulators are also investigating former senior executives at Merrill Lynch for possible securities fraud.
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.
Mr. Mozilo’s agreement with the government is a humbling moment for one of the country’s most audacious and flamboyant financiers.
For years, Mr. Mozilo was among the highest-paid executives in America and his S.E.C. fine is a fraction of the vast wealth he amassed running Countrywide. In one eight-year period, from 2000 until he left the company in 2008, Mr. Mozilo received total compensation of $521.5 million, according to Equilar, a compensation research firm.