The king of America's mortgage market Angelo Mozilo was charged with fraud.

This former chief of Countrywide Financial is also known as one of the "Worst American CEO's of All Time", While he knew that the company's business model was deteriorating, Mozilo sold his shares for nearly $140M (and $406M worth of Countrywide's stock, mostly obtained through stock option grants, since it was listed on the NYSE in 1984).

Mozilo is the most high-profile executive yet to face formal charges related to the credit crisis.