SEC charges three IndyMac executives with fraud

Former CEO Michael Perry and former CFOs Scott Keys and Blair Abernathy were accused of misleading investors about the Pasadena-based lender's poor financial condition. Abernathy agreed to settle without admitting or denying the allegations. He'll pay a $100,000 penalty as well as $25,000 in disgorgement. The SEC's case against the other two executives continues. IndyMac was seized by banking regulators in July of 2008. Its assets were acquired by an investment group that formed OneWest Bank, which went on to make additional acquisitions. From the complaint:

In 2008, Defendants knowingly or recklessly participated in IndyMac's filing of false and misleading disclosures of its financial condition in Forms 10-K, 10-Q, and/or 8-K, as well as in offering documents for $100 million in stock sales. During that time period, Defendants regularly received information regarding IndyMac's rapidly deteriorating financial condition. Despite receiving this information, Defendants participated in the filing of IndyMac's periodic reports and stock offering disclosures that made false and materially misleading statements and omissions regarding: (1) IndyMac's liquidity; (2) IndyMac's capital raising needs and activities; and (3) IndyMac Bank's capital ratio, a key regulatory metric of a bank's safety and soundness.