ICP, Founder To Pay $24M In MBS Fraud Settlement

Law360, New York (September 7, 2012, 2:29 PM EDT) -- Investment adviser ICP Asset Management LLC, its founder and two subsidiaries agreed Wednesday to pay about $24 million to settle a U.S. Securities and Exchange Commission suit in New York federal court alleging they defrauded mortgage-backed securities investors.

ICP and Institutional Credit Partners LLC agreed to disgorge $17.6 million and pay a $650,000 civil penalty, according to settlement papers filed and approved Wednesday by U.S. District Judge Lewis A. Kaplan. In addition, ICP Securities LLC agreed to disgorge $1.9 million and pay a $1.9 million penalty,...
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