Ex-Indymac CEO Settles SEC Charges

Jack Humphrey, Regulatory journalist
October 02, 2012 /

A federal court in California has entered a settled final judgment as to Michael W. Perry, the former Chief Executive Officer and Chairman of the Board of IndyMac Bancorp, Inc. IndyMac, through its main subsidiary, IndyMac Bank, primarily made, purchased, and sold residential mortgage loans.

In July 2008, IndyMac Bank was placed under Federal Deposit Insurance Corporation receivership and IndyMac filed for bankruptcy.

The SEC’s complaint alleges that IndyMac and Perry, in connection with IndyMac’s first quarter 2008 Forms 10-Q and 8-K and related earnings call, all dated May 12, 2008, failed to disclose that IndyMac Bank had only been able to maintain its well-capitalized regulatory status by retroactively including in IndyMac’s first quarter capital balance an $18 million capital contribution from IndyMac to IndyMac Bank, even though it was made on May 9, 2008, over five weeks after the end of the first quarter.

Without admitting or denying the allegations in the complaint, Perry consented to the final Judgment ordering him to pay a civil penalty in the amount of $80,000.

 

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