SEC Settles Mismanagement Charges Against Former Portfolio Manager of ICP Asset Management

On June 25, 2010, the SEC settled charges that Aamer Abdullah, formerly a portfolio manager at the New York-based investment advisory firm, ICP Asset Management, LLC, mismanaged several multi-billion-dollar collateralized debt obligations (CDOs), including knowingly causing CDOs under ICP's management to purchase securities at above-market prices.

Abdullah 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.