SEC Sues ICP Asset Management For Alleged CDO Fraud

Law360, New York (June 21, 2010, 7:36 PM EDT) -- The U.S. Securities and Exchange Commission has sued New York-based investment adviser Thomas Priore and three of his firms, accusing them of defrauding investors in several multibillion-dollar funds related to mortgage-backed securities.

Priore, his firm ICP Asset Management LLC and two related entities deliberately made bad trades with collateralized debt obligation funds to enrich themselves and their clients, the SEC said Monday in a complaint filed in the U.S. District Court for the Southern District of New York.

The defendants violated their duty to the funds...
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