Saturday, 30 August 2014
Last updated 19 hours ago
Jun 28 2010 | 7:31am ET
Moore Capital Management has been identified as the ICP Asset Management client that was supposed to benefit by the latter firm’s alleged fraud, as a second ICP employee has been sued by regulators.
New York-based ICP and owner Thomas Priore were accused last week of directing more than $1 billion in trades for four collateralized debt obligations it managed at inflated prices. According to the Securities and Exchange Commission, the firm did so to protect both ICP and “an important client.” That client, named Client A in the lawsuit, was Moore Capital, according to both Bloomberg News and The Wall Street Journal. However, the lawsuit states that instead gaining from the trades, Client A actually suffered over $200 million in losses.
New York-based hedge fund Moore Capital has not been accused of any wrongdoing.
The SEC on Friday added Aamer Abdullah, the former head of ICP’s asset-backed and mortgage-backed securities desk, to its lawsuit against ICP and Priore. The regulator accused Abdullah of defrauding the Triaxx CDOs by selling them at an inflated price. Abdullah also allegedly took part in at least one swap designed to turn a profit at the CDOs’ expense.
Abdullah left ICP in April.
Priore has denied all of the charges.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...