By George Williams
In lawsuits filed on Friday by the US Securities regulators, three former top executives at the failed mortgage lender, IndyMac Bancorp were accused of misleading investors about the poor financial condition of the entity.
The Securities and Exchange Commission allege that former IndyMac Chief Executive Michael Perry and former chief financial officers Scott Keys and Blair Abernathy were responsible for filing incorrect disclosures about the financial health of the firm and the IndyMac Bank subsidiary.
The California-based company which specialized in a type of mortgage that often required minimal documentation from borrowers, was seized by banking regulators in July, 2008 as the financial crisis got a sniff of wrongdoing.
Abernathy had agreed to settle the SEC’s charges without admitting or denying the allegations. The agency said that he will pay a $100,000 penalty, $25,000 in disgorgement and $1,592.26 in prejudgment interest.
