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SEC Orders Former IndyMac CEO to Pay $80K

The ""Securities and Exchange Commission"":http://www.sec.gov (SEC) reached a settlement with the former CEO of IndyMac Bancorp, Michael W. Perry, on September 28, the SEC announced.

The SEC's complaint alleges that IndyMac and Perry withheld important financial information in 2008 regarding IndyMac Bank, which made, purchased, and sold residential mortgage loans. The bank was closed by regulators in July 2008.

An agency release alleged a failure to disclose ""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.""

Perry settled without admitting or denying the allegations and was ordered to pay $80,000.

About Author: Esther Cho


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