Posted by 101livescan on 10/9/12 8:23am
Msg #437752
Indymac CEO ordered to pay $80K for deception
Hardly seems appropriate, given all the Indymac loans that went south and numbers of HO's who lost their homes.
The Securities and Exchange Commission (SEC) reached a settlement with the former CEO of IndyMac Bancorp, Michael W. Perry, on September 28, the SEC announced.
The SEC’s complaint alleges that IndyMac and Perry withheld important financial information in 2008 regarding IndyMac Bank, which made, purchased, and sold residential mortgage loans. The bank was closed by regulators in July 2008.
An agency release alleged a failure to disclose “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.”
Perry settled without admitting or denying the allegations and was ordered to pay $80,000.
More of these Executives need to take it in the shorts. I haven't seen that many have to pay retribution for scamming HO's.
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Reply by 101livescan on 10/9/12 9:28am
Msg #437765
Arnall died of esophagus cancer abruptly...interesting bedfellows, Bush and Arnall. I personally know the COO of Ameriquest, at the time, she retired in the nick of time from this company, Ameriquest, whose head was on the chopping block with regulators at the time.
http://www.slate.com/articles/business/moneybox/2011/06/the_man_that_got_away.1.html
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