Posted on 02/12/2011 3:10:39 PM PST by FromLori
The Securities and Exchange Commission filed securities fraud charges against three former IndyMac executives—including the former CEO and two former CFOs of the company.
The SEC complaint alleges that the former IndyMac executives made false and misleading claims in the company's 2007 annual report—as well as in offering materials for a $100 million stock offering.
The SEC press release summarizes:
"In early February 2008, IndyMac projected that it would return to profitability and continue to pay preferred dividends in 2008 without having to raise new capital. In late February 2008, Perry and Keys knew that contrary to the rosy projections released just two weeks earlier, IndyMac had begun raising new capital to protect IndyMac's capital and liquidity positions. Specifically, Perry and Keys regularly received information that IndyMac's financial condition was rapidly deteriorating and authorized new stock sales as a result. Yet they fraudulently failed to fully disclose IndyMac's precarious financial condition in the 2007 annual report and the offering documents for the new stock sales."
(Excerpt) Read more at cnbc.com ...
IndyMac..
the bank Schumer crashed..
and his buddies bought for a steal of a price.
Civil suit, fines may be paid by company, or insurance.
Big deal. /bitterness.
Republic, Banana; 1 each.
Once a year, maybe, they’ll open the estates to let our kids swim in their pools.
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