The SEC today announced charges against ICP Asset Management and its founder, alleging that they defrauded clients in pooled mortgage products of tens of millions of dollars, including deals that were insured by American International Group Inc.

As reported by the WSJ.com, the SEC’s complaint, which was filed in federal court in Manhattan, is the SEC’s first allegation since the credit crisis that an asset manager overseeing CDOs mismanaged the accounts.

The SEC alleges that, at the direction of its owner and president Thomas Priore, ICP Asset Management LLC defrauded four multi-billion-dollar collateralized debt obligations (CDOs) by engaging in fraudulent practices and misrepresentations that caused the CDOs to lose tens of millions of dollars. Priore and his companies also improperly obtained tens of millions of dollars in advisory fees and undisclosed profits at the expense of their clients and investors.

“ICP and Priore repeatedly put themselves ahead of their clients,” said Robert Khuzami, Director of the SEC’s Enforcement Division. “Instead of acting as fiduciaries, they took advantage of a distressed market to line their own pockets.”