California Real Estate Fraud Report

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Angelo Mozilo Negotiating Settlement with SEC

The word is out from the courtroom of U.S. District Judge John F. Walter: the Securities and Exchange Commission (SEC) is in settlement talks with Countrywide Financial Corp. co-founder Angelo Mozilo, just days before he was to go to trial in the government’s civil fraud and insider training lawsuit against him.

Angelo Mozilo and his co-defendants, former Countrywide President David Sambol and former Chief Financial Officer Eric P. Sieracki have been the target of multiple federal agency investigations of securities fraud.

It would be in Mozilo’s best interest to negotiate a settlement, as defendants in such cases usually do not admit to wrongdoing, something that would be a disadvantage to plaintiffs suing Mozilo and his co-defendants for their losses. A trial verdict against Mozilo, on the other hand, would not only be a boost to the plaintiffs’ cases but also provide evidentiary material to the criminal investigation against him that is in process.

Read the full story in the Los Angeles Times.

© Copyright 2007-2018 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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