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SEC files civil fraud charges against ICP Asset Management
REGULATORS
SEC accuses money manager of fraud
The Securities and Exchange Commission opened a new front in the U.S. probe of financial firms' dealings in the mortgage market, filing civil fraud charges Monday against investment adviser T... homas Priore and his firm ICP Asset Management in connection with complex securities during the 2007 housing bust.
The SEC said that fraudulent management of the securities cost investors tens of millions of dollars, and that Priore and his New York firm improperly reaped millions in fees and undisclosed profit at the expense of clients. The SEC is seeking injunctions, and unspecified restitution and fines.
Priore and ICP denied the SEC's charges and said they would contest them in court.
The allegations involve four multibillion-dollar collateralized debt obligations, the type of pooled securities that are the focus of the SEC's civil fraud charges against Wall Street titan Goldman Sachs.
-- Associated Press
MERGERS & ACQUISITIONS
Drugmakers Biovail and Valeant to combine
Canadian drugmaker Biovail and Valeant Pharmaceuticals International of California said they are forming a new company under the Valeant name, capping Biovail's recovery from falling sales and financial scandals.
Combined, the companies had $1.65 billion in revenue in 2009. Up to 20 percent of workers will lose their jobs.
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