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Alternative Market Briefing

SEC brings charges against Tilton, Patriarch Partners

Tuesday, March 31, 2015

Bailey McCann, Opalesque New York:

The SEC has brought fraud charges against distressed maven Lynn Tilton and her firm Patriarch Partners. According to the complaint, Tilton and her firm stand accused of hiding the poor performance of loan assets in three collateralized loan obligation (CLO) funds they manage.

The SEC alleges that Tilton failed to value assets using the methodology described to investors in offering documents for the CLO funds, which have portfolios comprised of loans to distressed companies. Tilton said in a previous note to investors that the SEC was taking a look through and questioned the valuation methodology used by the firm. At the time Tilton called ......................

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