The CEO of Icac Financial Management, a financial services firm, is a member of the board of directors of the National Association of Realtors, the nation’s largest professional association.
He’s also an employee of Icamp Inc., an investment management company that was recently fined $1.3 million by the Securities and Exchange Commission (SEC) for allegedly failing to register under federal securities laws.
In 2010, Icac received a $30 million grant from the US Department of Housing and Urban Development (HUD) to establish an investment bank to manage its residential mortgage lending operations.
The bank was named Icac Mortgage.
At the time, Icamp was still based in California.
At the time of the SEC’s investigation, Icacio told Bloomberg that the bank “does not have any financial relationship with any other organization, including the National Mortgage Association, and the bank has not been or will not be involved in any activity that would require it to register with the U.S. Securities and Securities Exchange Commission.”
Icac has denied any wrongdoing and said that the SEC was unfairly targeting it.
The firm is currently seeking to settle the SECs investigation by agreeing to a settlement with the agency.
In 2014, Icaci was the subject of a Bloomberg investigation, which found that he’d received hundreds of thousands of dollars in payments from the financial services industry for speeches he gave while on Icac’s board.
In some of those speeches, he boasted about the firm’s ability to outperform others.
One of those talks was with a financial advisor.
When asked about Icac, a spokesperson for Icac told Bloomberg in an email that the CEO “has not made any payments to anyone other than the National Realtor Association.”
The spokesperson added that Icac is “not affiliated with any organizations” and that the company is “committed to transparency.”