Former CFOs A. Scott Keys and S. Blair Abernathy joined former CEO Michael W. Perry as defendants in the SEC action, in which it was alleged that the three participated in the filing of false and misleading disclosures about the financial stability of IndyMac and its main subsidiary, IndyMac Bank F.S.B. The SEC said the three had received regular internal reports about IndyMac's deteriorating capital and liquidity positions in 2007 and 2008, but did not adequately disclose that information to investors, even as IndyMac was selling new stock.

IndyMac Bank, a federally-chartered thrift institution, was closed by the Office of Thrift Supervision in July 2008, and placed under Federal Deposit Insurance Corporation receivership. IndyMac filed for bankruptcy protection later that month.

The without admitting to or denying the allegations, and consented to the entry of an order permanently restraining him from securities violations. He will also pay a $100,000 penalty, $25,000 in disgorgement, and prejudgment interest of $1,592.26, the commission said. He also consented to be suspended from appearing or practicing before the SEC as an accountant, although he has the right to apply for reinstatement after two years.

There was no mention of a settlement with Perry and Keys, however. knowingly violated securities laws and aided and abetted IndyMac's violations of reporting requirements. The SEC complaint against Perry and Keys seeks permanent injunctive relief, an officer and director bar, disgorgement of ill-gotten gains with prejudgment interest, and a financial penalty.

"These corporate executives made false and misleading disclosures about IndyMac at a time when the company's financial condition was rapidly deteriorating. Truthful and accurate disclosure to investors is particularly critical during a time of crisis, and the federal securities laws do not become optional when the news is negative," Lorin L. Reisner, deputy director of the SEC's Division of Enforcement said in a statement.