SEC v. Michael W. Perry et al., Case No. CV 11-1309 R (JCx).  On October 1, 2012, the SEC announced it settled its ongoing litigation against Michael Perry, the former CEO and Chairman of the Board of IndyMac Bancorp, Inc.  IndyMac, through its main subsidiary, IndyMac Bank, made, purchased, and sold residential mortgage loans.  In 2008, IndyMac Bank was placed under Federal Deposit Insurance Corporation receivership and IndyMac filed for bankruptcy.  The SEC charged that IndyMac and Perry, in connection with IndyMac’s first quarter 2008 Forms 10-Q and 8-K and related earnings call, all dated May 12, 2008, failed to disclose that 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, even though it was made on May 9, 2008, over five weeks after the end of the first quarter.

Perry settled without admitting or denying the allegations in the complaint.  He agreed to an injunction against violations of Section 17(a)(3) of the Securities Act and to pay a civil monetary penalty of $80,000.