Angelo Mozilo was among the most widely known rogues of the credit crisis. He could become the government's first really big-name target. Barring a successful 10^th-inning appeal, Mozilo will be charged with civil fraud by the SEC. He will not likely be the only Countrywide executive to be targeted. It may come down to who is willing to play ball.

The main charges are insider trading and failure to disclose. According to the LA Times, he was selling massive amounts of Countrywide shares via a corporate program just as the company's fortunes were starting to turn. Mozilo's attorney says here was no wrong-doing and that all sales were proper. A lot is on the line here. This would be a big move by the new administration. A federal criminal probe is also underway, one that could ultimately result in jail time. 

For more:
- here's the LA Times article

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