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U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 22527 / November 9, 2012

Securities and Exchange Commission v. Aamer Abdullah, Civil Action No. Civil Action No. 10-CV-4957 (S.D.N.Y.)

The Securities and Exchange Commission today announced that it has finalized its settlement with Aamer Abdullah, formerly a portfolio manager at New York-based investment advisory firm ICP Asset Management, LLC (ICP). In June 2010, the Commission charged Abdullah with mismanagement of several collateralized debt obligations (CDOs). At that time, Abdullah consented, without admitting or denying the allegations of the Commission's complaint, to the entry of a partial judgment enjoining him from future violations of the securities laws and agreed to be barred from association with any broker, dealer, or investment adviser.

Abdullah has now consented to the entry of a final judgment ordering him to pay $175,000 in disgorgement, prejudgment interest of $32,320, and a civil penalty of $100,000. The penalty amount considers the assistance Abdullah provided to the Commission's staff under the Commission's Enforcement Cooperation Initiative. The district court entered the final judgment on November 7, 2012.

Two months ago, ICP, its founder Thomas Priore, and related entities agreed to a final judgment in a related case ordering them to pay disgorgement, prejudgment interest, and civil penalties to settle the case the SEC filed against them in June 2010. See Litigation Release No. 22447.

 

http://www.sec.gov/litigation/litreleases/2012/lr22527.htm


Modified: 11/09/2012