Why aren’t we surprised?

American Banker-

A federal judge dismissed portions of the Securities and Exchange Commission’s case against two former executives of imploded bank Indymac on Monday.

U.S. District Judge Manuel Real of California’s Sourthern District dismissed SEC civil charges stemming from five securities filings against former Chief Executive Officer Michael Perry and Chief Financial Officer A. Scott Keys.

The two men presided over the subprime mortgage giant’s now-notorious collapse. The SEC alleged that the men repeatedly misled investors about IndyMac’s need to raise new capital and eliminate dividends, among other things.

[AMERCIAN BANKER]