SEC Sues 2nd ICP Exec In CDO Scandal

Law360, New York (June 25, 2010, 6:49 PM EDT) -- The U.S. Securities and Exchange Commission on Friday sued Aamer Abdullah, the former head of ICP Asset Management LLC's mortgage-backed securities desk, roping the investment manager into litigation that began with charges filed earlier in the week against Abdullah's old boss.

Together with ICP President Thomas Priore, Abdullah engaged in improper transactions that defrauded collateralized debt obligations of tens of millions of dollars, according to a complaint filed in the U.S. District Court for the Southern District of New York.

As the mortgage markets deteriorated, Priore...
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