California Real Estate Fraud Report

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Angelo Mozilo, Sambol, Sieracki, Settle SEC Case

Angelo Mozilo has agreed to pay $22.5 million in fines to the SEC in its civil lawsuit brought against him and will turn over $45 million in what would termed “ill-gotten gains” to his former shareholders who sued him for their losses.

His co-defendant, Countrywide’s former president, David Sambol, has also agreed to pay $520,000 in fines and $5 million in restitution, and Eric P. Sieracki, Countrywide’s former chief financial officer, got off with $130,000 in fines.

As is typical in these types of civil cases, Mozilo and Sambol did not admit or deny liability. They also are forbidden from ever serving again as officers or directors of public companies.

Read the full article 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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