ICP Asset Management and its founder agreed to pay $23 million to settle charges from U.S. securities regulators that they had fraudulently managed certain mortgage-linked investments, the Securities and Exchange Commission said on Friday. The settlement resolves a 2010 case the SEC filed against the firm and its founder, Thomas Priore, in the wake of the financial crisis. The SEC accused the firm of engaging in fraud that caused four collateralized debt obligations to overpay for securities and lose millions of dollars. Both sides had disclosed they planned to enter into a settlement last month, but did not previously disclose the terms of the deal. Under the settlement, which was approved by a federal court on Sept. 6, ICP and its holding company will disgorge $13.9 million in profits and pay $4.3 million in interest and penalties. Priore will pay combined sanctions of $1.5 million, and will be barred from associating with any broker, dealer, or
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