This post is part of a feature in which he wonder whatever happened to some notorious financial felons. See all 17.

In 2005, Dennis Kozlowski was convicted of misappropriating more than $400 million in company funds from Tyco International (NYSE: TYC). He had been Tyco's CEO from 1992 to 2002, during which he oversaw a massive expansion of the company through a series of strategic mergers and acquisitions. But he left the company amid controversy about his extravagant compensation package.

Though found guilty of grand larceny, Kozlowski continues to deny that he committed any crime. He feels that he was unfairly punished for his "embarrassingly big" pay package, as he once put it, as well as his extravagant lifestyle. That lifestyle included such things as $6,000 shower curtains and $15,000 umbrella stands, as well as a $2 million birthday party complete with togas, Jimmy Buffett, a cake with exploding breasts, and a stature of David that peed vodka. Oh, and the party was also "shareholder meeting" so Tyco could help foot the bill. (The home where this party occurred is now for sale for a mere $16.5 million, if you're interested.)

Countrywide Financial Corp. (NYSE: CFC) CEO Angelo Mozilo's woes continue to mount, to the extent that woes can mount for someone who has sold hundreds of millions of dollars worth of stock in the past few years.

First, the SEC began an investigation of Mozilo's stock sales, then Senator Charles Schumer asked that the investigation be expanded to include the company. Now CtW Investment Group, a leading pension-fund advisory group, is calling for Mozilo's head.

The Wall Street Journal received a draft of the letter and quoted part of it (subscription required). CtW writes that Mozilo "has failed to provide leadership as the company attempts to navigate its way out of the current U.S. mortgage crisis. Indeed, Mr. Mozilo's decision to increase the frequency and magnitude of his stock sales has not only sent the wrong signal to Wall Street and investors, but brought increased regulatory scrutiny to the company at a time when it can least afford it."

CtW is exactly right. But Mozilo is a throwback to the glory days of the imperial CEO, and I doubt any well-reasoned argument from an advisory firm will persuade him to give up his throne. A huge severance package? Perhaps.