•  
• Tweet
•  
•        Print
•  
•         Track Keywords
•  
• 

Komfie Manalo, Opalesque Asia:

Liquidators of the failed Cayman Islands-based hedge funds, ICP Strategic Credit Income Fund Ltd and ICP Strategic Credit Income Master Fund Ltd, have accused Barclays PLC of knowingly participating in a fraudulent transfer of more than $40m by the funds owner, Thomas C. Priore, according to The Journal.

Lawyers for the liquidators said, "Barclays knowingly participated in ICP Asset Management’s and Priore’s fraudulent purposes. Barclays knew that during the first half of 2008, ICP Asset Management and Priore caused other investment vehicles they managed to make over $40 million in fraudulent transfers to Barclays to cover Triaxx Funding’s margin obligations."

The liquidators said that Priore funneled money from the hedge funds to Barclays to keep Triaxx afloat when the housing boom tanked in 2008.

In September 2012, the Securities and Exchange Commission said that ICP Asset Management and its founder and Priore had have agreed to settle the agency’s charges that they defrauded several collateralized debt obligations (CDOs) they managed.

ICP, Priore, and related entities agreed to a final judgment ordering them to pay more than $23m to settle the case the SEC filed against them in Ju......................

To view our full article Click here