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Former IndyMac CEO's Lawyer Blasts SEC

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An attorney representing former IndyMac CEO Mike Perry fired back at the SEC, in the wake of the agency's fraud charges against their client on Friday.

Here are some highlights from Perry's attorney Jean Veta, a partner at Covington & Burling:

  • "The SEC's complaint is completely meritless."
  • "It represents the worst kind of Monday morning quarterbacking of business decisions. Mr. Perry did nothing wrong, and he looks forward to proving it in court."
  • "At the same time that the SEC claims Mr. Perry intentionally failed to disclose certain obscure details to investors, Mr. Perry was investing millions of dollars of his own money in IndyMac stock. He believed in IndyMac and did not sell a single share of IndyMac stock since 2005."
  • "IndyMac (and Mr. Perry) were the victims of a bank run and the unprecedented financial tsunami that nobody—not Mr. Perry, not the SEC, nor anybody else—saw coming."
  • "The complaint also makes no sense,"

This is strong stuff—even by the standards of a legal press release indicating a willingness to fight to the bitter end.

The countercharge of meritlessness—and the notion that bad business decisions shouldn't end in fraud complaints—is standard issue.

The assertion that the complaint is not only without merit but without logic seems to go a step farther.

Veta points out that Perry didn't sell stock, but rather was investing his own money at the time of the alleged fraud.

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