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) -- A lawyer representing Michael Perry, the former CEO of

IndyMac Bank

, has issued a statement Friday night in the wake of the

Securities and Exchange Commission's

charges of

securities fraud

earlier in the day.

Jean Veta, a partner at Covington & Burling, told


that the SEC's complaint was "completely meritless," and represented "the worst kind of Monday morning quarterbacking of business decisions."

Along with Perry, the SEC charged former IndyMac CFOs A. Scott Keys and S. Blair Abernathy with participating in the filing of "misleading disclosures about the financial stability of IndyMac and its main subsidiary, IndyMac Bank F.S.B.," which failed in July 2008.

Veta said in the statement that: "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," adding that at the time of the failed disclosures alleged by the SEC, "Mr. Perry was investing millions of dollars of his own money in IndyMac stock." Finally, Veta said that Perry "believed in IndyMac and did not sell a single share of IndyMac stock since 2005."

IndyMac was the second-largest bank or thrift failure during the current wave of closures that began in 2008. The

Federal Deposit Insurance Corp.

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eventually sold the thrift's remaining assets to IMB HoldCo., an investor group led by Steven Mnuchin, that included J.C. Flowers, Paulson & Co., Stone Point Capital and other investors. The surviving thrift is OneWest Bank.

The FDIC estimated that as of Dec. 31, 2009, the failure of IndyMac had cost the deposit insurance fund $12.75 billion.


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Written by Philip van Doorn in Jupiter, Fla.

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Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.