Video Update: Countrywide’s Angelo Mozilo sued by SEC for insider trading and investor fraud…

Update 2: SEC Press Conference from Bloomberg:

Update: CNBC has linky to the complaint by SEC here

…Mozilo sold hundreds of millions in Countrywide stock in late 2006 and 2007 and is accused of remaining publicly upbeat about his company’s prospects during a period when he knew things weren’t going well for the firm. The SEC put the tally of his profits at $140 million.

Countrywide became the nation’s largest single home lender during the housing boom and was acquired by Bank of America after much of its business deteriorated.

On the criminal side, an investigation of financial wrongdoing is ongoing at Countrywide involving some of the company’s high-level execs. Details on that probe are unknown.

Breaking on Bloomberg:”  Countrywide’s Mozilo sued by SEC for Duping Investors and Insider Trading”

Angelo in August 2007, when BofA bailed out Countrywide:

well Finally!! if one person can be a cog in the wheel of the subprime meltdown it is Angelo pinstripe suit Mozilo, this will look just great for Chris VIP friend of Angelo Dodd as he flails about trying to keep his seat in CT..