Reuters: Regulatory News: ICP Asset Management settles SEC charges

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ICP Asset Management settles SEC charges Sep 7th 2012, 19:14 WASHINGTON, Sept 7 | Fri Sep 7, 2012 3:14pm EDT WASHINGTON, Sept 7 (Reuters) - ICP Asset Management and its founder agreed to pay $23 million to settle charges from US securities regulators that they had defrauded certain collateralized debt obligations under their management, the Securities and Exchange Commission said on Friday. The settlement resolves a 2010 case the SEC filed against the firm and its founder, Thomas Priore, that accused them of engaging in fraud that caused the CDOs to overpay for securities and loose millions of dollars.

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