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SEC Complaint Against Michael W. Perry and A. Scott Keys

SEC Complaint Against Michael W. Perry and A. Scott Keys

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Published by: DealBook on Feb 11, 2011
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09/08/2011

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22232425262728DONALD W. SEARLES, Cal.
Bar
No. 135705
E-mail:
s e a r l e s d ( c i J ~ e . 2 . g p v
 
NICHOLAS
S.
CfIUNG, Cal.
Bar
No. 192784
E-mail: chungni@flec.gov
Attorneys for PlaintiffSecurities and Exchange CommissionRosalind R. Tyson Regional DirectorJohn M. McCoy
IIi,
Associa\t Regional Director5670 Wilshire Boulevard,
11
FloorLos Angeles, California 90036Telephone: (323) 965-3998FacsImile: (323) 965-3908
UNITED STATESDISTRICTCOURTCENTRAL DISTRICT
OF
CALIFORNIA
SECURITIES AND EXCHANGECOMMISSION,Plaintiff,vs.MICHAEL
W.
PERRY and A. SCOTTKEYS,Defendants.Case No.
COMPLAINT
 
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Plaintiff Securities and Exchange Commission (the "Commission") allegesas follows:
JURISDICTION AND VENUE
1.
This Court has jurisdiction over this action pursuant to Sections 20(b
),
20(d)(1), 20(e), and 22(a)
of
the Securities Act
of
1933 ("Securities Act"),
15
U.S.C.
§§
77t(b), 77t(d)(1), 77t(e), and 77v(a), and Sections 21(d)(I),
21
(d)(2),
21
(d)(3)(A), 21(e), and27
of
the Securities ExchangeAct
of
1934 ("ExchangeAct"),
15
U.S.C.
§§
78u(d)(1), 78u(d)(2), 78u(d)(3)(A), 78u(e)
&
78aa.Defendants have directly or indirectly made use
of
the means or instrumentalities
of
interstate commerce,
of
the mails, or
of
the facilities
of
anational securitiesexchange in connection with the transactions, acts, practices, and courses
of
business alleged in this Complaint.
2.
Venue is proper in this district pursuant to Section 22(a)
of
theSecurities Act,
15
U.S.C. § 77v(a), and Section
27
of
the Exchange Act,
15
U.S.C.
§
78aa, because Defendants reside and transact business within this district andcertain
of
the transactions, acts, practices, and courses
of
conduct constitutingviolations
of
the federal securities laws alleged in this Complaint occurred withinthis district.SUMMARY
3.
This action involves securities offering fraud and reporting violationscommitted by Michael
W.
Perry ("Perry"), the former Chief Executive Officer andChairman
of
the Board
of
IndyMac Bancorp, Inc. ("IndyMac"), and
A.
Scott Keys("Keys"), the former Executive Vice President and Chief Financial Officer
of
IndyMac. Perry and Keys are collectively referred to herein
as
"Defendants."
4.
IndyMac through its main subsidiary -IndyMac Bank, F.S.B.("IndyMac Bank" or "the Bank") -primarily made, purchased, and sold residentialmortgage loans. In July 2008, IndyMac Bank was placed under Federal Deposit
1
III
 
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Insurance Corporation ("FDIC") receivership and IndyMac filed for bankruptcyprotection.
5.
In 2008, Defendants knowingly or recklessly participated inIndyMac's filing
of
false and misleading disclosures
of
its financial condition inForms 10-K, 10-Q, and/or 8-K, as well as in offering documents for $100 millionin stock sales. During that time period, Defendants regularly received informationregarding IndyMac's rapidly deteriorating financial condition. Despite receivingthis information, Defendants participated in the filing
of
IndyMac's periodicreports and stock offering disclosures that made false and materially misleadingstatements and omissions regarding:
(1)
IndyMac's liquidity; (2) IndyMac'scapital raising needs and activities; and (3) IndyMac Bank's capital ratio, a keyregulatory metric
of
a bank's safety and soundness. Among other things, asdiscussed below, Defendants signed a false and misleading Form 10-K issued onFebruary 29,2008 and authorized the filing
of
one or more false and misleadingprospectuses. In addition, Perry signed false and misleading Forms 10-Q and 8-Kand made a false and misleading statement during an earnings call relating toIndyMac's
Ql
2008 results. Shortly after IndyMac partially disclosed its direliquidity problems in reports for its first quarter 2008 filed on May 12,2008,IndyMac Bank was put into FDIC receivership and IndyMac declared bankruptcy.
6.
Based on their conduct, Defendants violated and/or aided and abettedviolations
of
theantifraudandreportingprovisions
of
thefederal securitieslaws.The Commission seeks an order enjoining Defendants from future violations
of
thesecurities laws, requiring Defendants to disgorge their ill-gotten gains withprejudgment interest, ordering Defendants to pay civil monetary penalties, barringDefendants from serving
as
an officer or director
of
a public company, andproviding other appropriate relief.
IIIIII
2

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