On October 15, 2010, Mozilo reached a settlement with the Securities and Exchange Commission over securities fraud and insider trading charges. Mozilo agreed to pay $67.5 million in fines, and accepted a lifetime ban from serving as an officer or director of any public company. It is the largest settlement by an individual or executive connected to the 2008 housing collapse. Robert Khuzami, director of the SEC's Division of Enforcement, said in a statement that "Mozilo's record penalty is the fitting outcome for a corporate executive who deliberately disregarded his duties to investors by concealing what he saw from inside the executive suite." By settling the SEC charges, Mozilo will avoid a trial that could have provided fodder for future criminal charges.