Tags: lynn tilton | sec | fraud | case | dismissed

Lynn Tilton Beats SEC's Fraud Charges After Long Battle

Image: Lynn Tilton Beats SEC's Fraud Charges After Long Battle

In this Jan. 16, 2015 photo, Wall Street executive Lynn Tilton attends the 12th Annual Living Legends of Aviation Awards at The Beverly Hilton Hotel in Los Angeles. (Rob Latour/Invision/AP)

By    |   Thursday, 28 September 2017 12:54 PM

Lynn Tilton was cleared of fraud accusations when an administrative judge on Wednesday dismissed a Securities and Exchange Commission case the investor has been battling for years.

The self-titled "turnaround queen" expressed her gratitude on Twitter.

In 2015, Tilton, founder and CEO of Patriarch Partners, was accused by the SEC of making in excess of $200 million by misleading investors about the value of loan pools, CNBC reported. Tilton was accused of failing to disclose the poor performance of her company’s loan portfolio of distressed debt for her own financial gain.

Tilton maintained her innocence and insisted that she made full disclosures to her clients. She continued to fight the allegations, calling the SEC's internal process unfair to defendants, and took her arguments to the U.S. Supreme Court, although her petition was denied in May, CNBC noted.

All charges against Tilton and Patriarch Partners have been dropped.

According to the NY Post, Judge Carol Fox Foelak wrote in her 57-page ruling: "It is concluded that the violations alleged [by the SEC] are unproven. Thus, this proceeding will be dismissed."

The SEC spent five years investigating Tilton, and sued her in March 2015, Bloomberg reported.

Speaking in a statement released on Wednesday, Tilton said: "I am heartened to finally be able to put to rest the rumors and innuendo that have cast a dark shadow on me and my business for so long. Throughout this ordeal, I have worked hard to ensure that my focus on my companies did not waver; without this meritless lawsuit hanging over our heads, however, we can now redouble our efforts to lead the portfolio companies toward growth and prosperity."

Twitter users shared congratulations.

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Lynn Tilton was cleared of fraud accusations when an administrative judge on Wednesday dismissed a Securities and Exchange Commission case the investor has been battling for two years.
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2017-54-28
Thursday, 28 September 2017 12:54 PM
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