U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 22614 / February 7, 2013
Securities and Exchange Commission v. Michael W. Perry et al., Civil Action No. CV 11-1309 R (JCx)
FORMER INDYMAC CFO DISMISSED FROM SEC LITIGATION
The U.S. Securities and Exchange Commission announced that on May 31, 2012, the United States District Court for the Central District of California granted a motion for summary judgment filed by defendant A. Scott Keys, the former chief financial officer of IndyMac Bancorp, Inc., and issued an order of final judgment in his favor. 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 Commission’s complaint alleged that Keys failed to disclose in IndyMac’s 2007 Form 10-K, filed on February 29, 2008, that IndyMac had resumed capital-raising activities on February 26, 2008. The complaint further alleged that Keys failed to disclose IndyMac Bank’s deteriorating capital and liquidity positions in IndyMac’s offering materials for the sale of new stock to investors prior to Keys’s departure from IndyMac in April 2008.
The Commission has not appealed the District Court’s summary judgment ruling as to Keys, and the time for appeal has expired.