Today, the Securities and Exchange Commission announced that Angelo Mozilo, the former CEO of Countrywide Financial, had agreed to pay a $22.5 million civil penalty and disgorge $45 million of "ill-gotten gains" to settle SEC disclosure and insider trading charges against him and two other former Countrywide officers. Mr. Mozilo also agreed to a permanent bar from serving as a director or officer of a public company.

In settling the SEC's charges against them, Countrywide's former chief operating officer David Sambol agreed to a three-year bar from serving as a director or officer and to pay $5 million in disgorgement and a $520,000 civil penalty, and former chief financial officer Eric Seriecki agreed to a one-year bar from appearing and practicing before the SEC and to pay a $130,000 civil penalty.

The SEC's Director of the Division of Enforcement, Robert Khuzami, said, “Mozilo’s record penalty is the fitting outcome for a corporate executive who deliberately disregarded his duties to investors by concealing what he saw from inside the executive suite — a looming disaster in which Countrywide was buckling under the weight of increasing risky mortgage underwriting, mounting defaults and delinquencies, and a deteriorating business model."