Michael Perry, former chief executive of the now defunct IndyMac Bancorp, scored a few legal victories in court this week when a federal judge threw out several fraud claims against him, the Los Angeles Times reported.
The claims were filed by the Securities and Exchange Commission.
U.S. District Judge Manuel Real dismissed five of the seven SEC filings, saying the bank records under scrutiny contained no false or misleading statements to IndyMac investors, the Los Angeles Times reported.
In addition, the judge held that Perry could not be compelled to pay on allegedly ill-gotten gains because he remained a buyer, not a seller of bank shares until IndyMac's collapse.
Click here to read more in the Los Angeles Times.