David Faber reports that the SEC will charge the Tan Man "imminently." Coupla his cronies at Countrywide (David Sambol, Eric Sieracki) will be getting the royal treatment as well, but obviously we only care about Orange. Note that these are civil fraud charges, which are not
expected to be accompanied by criminal indictments. More from the Fabe:
Mozilo sold hundreds of millions in Countrywide's stock in late 2006 and 2007, and stands accused by the SEC of remaining publicly upbeat about this company's prospectus during that period, while he knew things were not good in Counrywide's business. How the SEC intends to prove that is unclear, but Mozilo's change to a 10-B 5-1 plan under which he systematically sold stock may be used as evidence of his culpability. Mozilo allegedly established one 10-B 5-1 plan in October of '06 and another in December of '06 and then revised the October plan in February of '07 so that he could increase his sale of Countrywide stock.