SEC Settles With Aamer Abdullah Considering His Cooperation Under The SEC’s Enforcement Cooperation Initiative

SEC v. Aamer Abdullah, Case No. 10-cv-4957 (S.D.N.Y.).  On November 9, 2012, the SEC announced a settlement with Aamer Abdullah in a case brought in June 2010.  Abdullah was a portfolio manager with ICP Asset Management, LLC.  According to the SEC, Abdulla mismanaged several collateralized debt obligations (CDOs), including causing CDOs under ICP’s management to purchase securities at above-market rates.  At the time the complaint was filed, Abdullah consented to entry of a partial judgment that enjoined him from future violations of the anti-fraud provisions of the federal securities laws and agreed to be barred from association with any broker, dealer, or investment adviser.  Abdullah has now consented to entry of a final judgment requiring him to pay $175,000 in disgorgement, prejudgment interest of $32,320, and a civil monetary penalty of $100,000.  According to the SEC, the penalty amount considers the Abdulla’s cooperation under the SEC’s Enforcement Cooperation Initiative.

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