InfoAnda - SEC Charges ICP Asset Management With CDO Fraud

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Home U.S. World Entertainment Sports Business Health Science Technology Politics Offbeat Environment Travel News Articles SEC Charges ICP Asset Management With CDO Fraud Email Facebook Digg Twitter Buzz Up! ShareThis June 21, 2010 6:41 p.m. EST Topics: company information, economy, business and finance, litigation and regulation, United States Mitchell Jaworski - AHN News Reporter New York, NY, United States (AHN) - The Securities and Exchange Commission announced Monday that it charged ICP Asset Management with fraud for acts related to its management of collateralized debt obligations (CDO). According to the SEC, New York based ICP, under direction of its President Thomas Priore, engaged in fraud and misrepresentations that led to the loss of tens of millions of dollars in CDOs. “ICP and Priore repeatedly put themselves ahead of their clients," said Robert Khuzami, Director of the SEC's Enforcement Division. "Instead of acting as fiduciaries, they took advantage of a distressed market to line their own pockets." The SEC’s complaint, filed in the U.S. District Court for the Southern District of New York, says ICP began acting as the collateral manager in 2006 for Triaxx CDOs, which are primarily invest in mortgage backed securities. ICP and Priore caused the CDOs to make numerous prohibited investments without obtaining necessary approvals, and they later misrepresented those investments to the trustee of the CDOs and to investors, the SEC’s complaint stated. ICP's affiliated broker-dealer ICP Securities LLC and its parent company Institutional Credit Partners LLC also are charged in the SEC's complaint. Copyright © 2003 - 2010 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Most Popular Stories Hundreds Evacuate As Wildfire Spreads In Coconino National Forest Crist Widens Lead In Florida Senate Race Burberry Model Found Dead After Falling From Apartment Building Pop Singer Charice Joins The Cast Of "Glee" South Korea Detects Radiation After Nuclear Fusion Test In North Korea Miley Cyrus' Brother Calls Ashley Tisdale The "Worst Person" Report: Madoff Tells Inmates He Stashed $9B Before Arrest NJ Catholic School Teacher Stabbed To Death FIFA To Review Controversial Call Over Disallowed U.S. Goal Andre Ward Dominates Allan Green In Super Six Recent Posts Most Popular Comments Recent Comments Popular Threads Home | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat Follow AHN on Twitter AHN Social News connects you with friends and the news Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services © 2010 AHN All Rights Reserved

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