ICP Bid To Toss CDO Fraud Case Falls Short

Law360, New York (December 21, 2010, 2:44 PM EST) -- A federal judge has kept alive the U.S. Securities and Exchange Commission’s case against ICP Asset Management LLC over allegations the financial services firm and its founder, Thomas Priore, traded collateralized debt obligation funds to line their pockets at their clients’ expense.

Judge Lewis A. Kaplan denied the defendants’ motion to dismiss the agency’s complaint in a one-line order filed Monday in the U.S. District Court for the Southern District of New York.

An attorney for the defendants declined to comment on the ruling. A representative...
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