Angelo Mozilo Charged With Insider Trading (BAC)

CNBC’s David Faber just reported that the SEC will be charging former Countrywide CEO Angelo Mozilo with insider trading and disclosure violations for stock sales from 2006 and beyond.  Interestingly enough, Faber noted that criminal charges will NOT accompany the charges.  Former executives Sambol and Sieracki are also to be charged with failure to disclose material information.  We’ll follow up after more information is made available.  So far, there has been no impact at all in Bank of America Corporation (NYSE: BAC) as shares are still up 4.5% at $11.72 on the day.

As far as the fate of any personal tanning machines, no word was given.

Jon C. Ogg
June 4, 2009