Summary Box: SEC files fraud charges against money manager, firm on mortgage-tied securities

Summary Box: Fraud charges against money manager

CHARGES RELATED TO MORTGAGE SECURITIES: The Securities and Exchange Commission filed civil fraud charges against an investment adviser and his firm in connection with complex mortgage-linked securities during the 2007 housing bust.

WHAT THE SEC ALLEGES: Thomas Priore and ICP Asset Management are accused of improperly managing the securities in a way that cost investors tens of millions of dollars. They deny the charges.

FOCUS ON CDOs: The allegations involve four multibillion-dollar collateralized debt obligations, the type of pooled securities that also are the focus of the SEC’s civil fraud charges against Wall Street powerhouse Goldman Sachs.