Red Flags
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Thomas Priore
Thomas Priore, founder of ICP Asset Management, faced SEC charges for defrauding CDOs, leading to over $23 million in penalties and a five-year industry ban.
Quick summary on Thomas Priore
Thomas Priore, founder and president of ICP Asset Management in New York, has been implicated in several fraudulent activities:
Fraudulent Management of CDOs: Priore and ICP Asset Management were charged by the SEC for defrauding collateralized debt obligations (CDOs) they managed, leading to significant investor losses.
Inflated Securities Pricing: They engaged in practices that caused the CDOs to overpay for securities, resulting in millions of dollars in losses.
Improper Fee Collection: Priore and his companies obtained tens of millions in advisory fees and undisclosed profits at the expense of their clients and investors.
Unauthorized Real Estate Transfers: After learning of impending SEC charges, Priore transferred ownership of properties in Martha’s Vineyard and Chappaqua, actions deemed fraudulent by the SEC.
Misrepresentation of Investments: They misrepresented investments to trustees and investors, leading to substantial financial harm.
Breach of Fiduciary Duty: Priore prioritized personal and company profits over client interests, violating fiduciary responsibilities.
Legal Repercussions: These actions resulted in a settlement requiring Priore and ICP to pay over $23 million and led to Priore being barred from associating with brokers, dealers, and investment advisers for five years
Intel Reports
by: Nicoletta Bianchi
The worst part isn’t just losing money. it’s realizing that the whole system is set up to protect guys like him.
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by: Oscar Schmidt
He didn’t just hurt investors, he shook confidence in the whole financial system.
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by: Leonid Romanov
Financial advisors are meant to protect assets, not manipulate them for personal gain.
by: Frederika Klein
Financial crime shouldn’t just mean fines. it should mean real prison time.
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by: Anna Svensson
This is why people don’t trust Wall Street ...too many guys like Priore gaming the system.
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by: Emilie Fischer
I wonder if the investors he scammed will ever see their money back....
by: Johann Richter
He manipulated CDOs, pocketed millions, and only had to pay a fine. Where’s the real accountability?
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by: Charlotte McGuire
He literally transferred real estate to avoid consequences? That’s some next-level fraud right there.
by: Karl Gustafsson
It’s easy to look at this as just another financial scandal, but real people lost their futures because of his greed. That $23 million fine won’t bring back the years of work we put into our investments.
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by: Jacob Sanford
Investors put their trust in him, and he just burned them for personal gain. It’s crazy how they inflate security prices and nobody notices until it’s too late.
by: Marie Dupont
Defrauding investors through CDO mismanagement is a clear violation of trust and ethics.
by: Tobias Müller
Priore prioritized personal wealth over his clients’ futures .this is unacceptable.
by: Elina Virtanen
$23 million sounds like a lot, but how much did he actually walk away with?
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by: Stefan Moser
So he got rich, wrecked people’s investments, then tried to hide his assets? Sounds like a classic con.
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by: Victoria Case
Oh great, another rich fraudster who will probably bounce back like nothing happened.
by: Alice Dupuis
Imagine working your whole life, saving every dollar you can, only to have someone like Priore take it all away through fraud. He wasn’t just reckless. he was intentional. He moved money around, lied to investors, and even transferred real...
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by: Leon Schwarz
Imagine trusting someone with your money, only for them to use it as their personal ATM.
by: Beatrice Moreau
He took millions from investors, inflated numbers, and covered his tracks, all while we were left with nothing. I’ll never trust another financial manager again. These aren’t mistakes, they’re deliberate crimes. And yet, five years banned? That’s a slap on...
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by: Maximilian Hoffmann
This guy knew exactly what he was doing and didn’t care who got hurt.