SEC v. ICP Asset Management, LLC et al.
Case No. 10-cv-04791-LAK (S.D.N.Y.)
On June 21, 2010 the Commission filed a complaint against ICP Asset Management, LLC ("ICPA"), an investment advisory firm; Thomas Priore ("Priore"), its founder, owner and, president; ICP Securities, LLC ("ICPS"), its affiliated broker-dealer; and Institutional Credit Partners, LLC ("ICP"), its holding company (collectively, the "Defendants"). The complaint alleged that, from 2007 through 2010, the Defendants fraudulently managed multi-billion-dollar collateralized debt obligations. See Complaint.
The Defendants were ordered to pay a total of $23,653,981.00 in disgorgement, prejudgment interest, and penalties. The Commission was ordered to hold all funds, together with interest and income earned thereon (collectively, the "Fund"), pending further order of the Court. See Defendants' Final Judgment.
Priore has paid as ordered, a total of $1,501,204.00 into the Fund for the distribution to harmed investors.
On January 10, 2017, the SEC filed a motion to create a Fair Fund for the $1,501,204.00 paid by the Defendants and any future funds collected or otherwise received in this matter, appoint Damasco & Associates LLP as the Tax Administrator to fulfill the tax obligations of the Fair Fund, and appoint Nichola L. Timmons, a Commission employee, as the Distribution Agent to oversee the administration and distribution of the Fair Fund to harmed investors. See Motion.
On February 10, 2017, the Court entered an order approving the Commission's motion to create a Fair Fund and appointed Damasco & Associates LLP as the Tax Administrator and Nichola L. Timmons as the Distribution Agent of the Fair Fund.
On approximately March 15, 2017, the Commission received $15,916,089.74, which was added to the Fair Fund.
For more information, please contact the Distribution Agent:
Office of Distributions