Wealth management

ICP Sued Over Mortgage-Related Trades

Published June 22, 2010, 12:00 a.m. EDT

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Updated June 21, 2010, 6:09 p.m. EDT

1 Min Read

ICP Asset Management LLC and its founder were sued by regulators for their role in overseeing mortgage-linked investments insured by American International Group Inc. as the housing market declined.

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Thomas Priore and ICP, of New York, directed more than $1 billion of trades at artificially high prices on behalf of collateralized-debt obligations they managed, the Securities and Exchange Commission said Monday in a lawsuit. The CDOs, known as Triaxx, invested primarily in mortgage-backed securities.

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Wealth management

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