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U.S. SECURITIES AND EXCHANGE COMMISSIONLitigation Release No. 21576 / June 25, 2010Securities and Exchange Commission v. Aamer Abdullah, Civil Action No. 10-CV-4957 (S.D.N.Y. June 25, 2010)On June 25, 2010, the Securities and Exchange Commission filed a civil action in the United States District Court for the Southern District of New York charging Aamer Abdullah, formerly a portfolio manager at the New York-based investment advisory firm, ICP Asset Management, LLC, with mismanagement of several multi-billion-dollar collateralized debt obligations (CDOs), including knowingly causing CDOs under ICP's management to purchase securities at above-market prices. The SEC's complaint alleges that Abdullah violated Section 17(a) of the Securities Act of 1933 (Securities Act), Section 10(b) of the Securities Exchange Act of 1934 (Exchange Act) and Rule 10b-5 thereunder, Sections 206(1), 206(2), and 206(4) of the Investment Advisers Act of 1940 (Advisers Act) and Rule 206(4)-8 thereunder. The complaint further alleges that Abdullah aided and abetted violations of Sections 10(b) and 15(c)(1)(A) of the Exchange Act and Rules 10b-3 and 10b-5 thereunder, and Sections 206(1), 206(2), and 206(4) of the Advisers Act and Rule 206(4)-8 thereunder. The SEC's complaint seeks a final judgment permanently enjoining Abdullah from future violations of the federal securities laws and ordering him to pay civil penalties and disgorgement of ill-gotten gains plus prejudgment interest. Abdullah has consented to the entry of a partial judgment enjoining him from future violations of the securities laws, and has agreed to be barred from association with any broker, dealer, or investment adviser, without admitting or denying the allegations of the Commission's complaint. Under the terms of the partial judgment, which is subject to the approval of the Court, any monetary relief against Abdullah will be determined at a later date by the Court upon motion by the Commission.
See Also: SEC Complaint |
