Angelo Mozilo, founder and former chief executive of Countrywide Financial...

Angelo Mozilo, founder and former chief executive of Countrywide Financial Corp. (2008) Credit: AP

LOS ANGELES - A source says federal prosecutors have ended a criminal investigation of Countrywide Financial Corp. co-founder Angelo Mozilo.

A federal official familiar with the investigation told The Associated Press on Friday that the probe launched in 2008 into Mozilo's actions during the mortgage meltdown has been closed with no indictments.

The person spoke on the condition of anonymity because the investigation was never publicly announced.

Last year, Mozilo agreed to a $67.5-million settlement to avoid civil trial on fraud and insider trading charges brought by the Securities and Exchange Commission, but prosecutors pursuing the criminal case against him found that his actions did not amount to crimes.

Mozilo attorney David Siegel declined to comment when reached by phone.

The shelving of the investigation was first reported by the Los Angeles Times.

SUBSCRIBE

Unlimited Digital AccessOnly 25¢for 6 months

ACT NOWSALE ENDS SOON | CANCEL ANYTIME