The Securities and Exchange Commission (SEC) late Friday charged three former senior executives of IndyMac Bancorp with securities fraud for misleading investors about the Alt-A giant's deteriorating financial condition.

Once a unit of Countrywide Financial Corp. (CFC), IndyMac was actually the brainchild of former CFC CEO Angelo Mozilo. After forming IndyMac in the 1980s, CFC eventually spun off the company, which for many years was lead by Mozilo protege, Michael W. Perry.

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