Former Countrywide head Angelo Mozilo Case Dropped

Two long years after starting a criminal investigation into former Countrywide head Angelo Mozilo on charges of insider trading the case has been dropped

Angelo Mozilo

Here are more details from the U.S. Justice Department – quote – The U.S. Justice Department has agreed to drop a two-year criminal investigation into former Countrywide head Angelo Mozilo on charges of insider trading. Red flags were raised as Mozilo sold $140 million in Countrywide stock between 2006 and 2007, even as he recognized the company was faltering. The Securities & Exchange Commission (SEC), which had accused him of misleading investors about Countrywide’s health and risk-taking, and generating an estimated $140 million in improper gains from insider stock sales.

The irony is that it has taken two years to reach the decision to drop the case, but as usual all the details are not specific and very brief!

It is a big ask when one asks whether the legal system is efficient given this was a case that to all and sundry looked like a clear cut case of finding what happened to $140 million in Countrywide stock. As laymen surely two years is too long a time for an answer – moreover after two years the decision is clouded in a shroud of unanswered issues that have not been addressed!

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