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Alternative Market Briefing

SEC drops charges against Patriarch, Tilton

Friday, September 29, 2017

Bailey McCann, Opalesque New York:

The Securities and Exchange Commission's fraud case against investor Lynn Tilton was dismissed has been dismissed.

SEC administrative law judge Carol Fox Foelak ruled that the SEC had failed to provide enough evidence to back up its claims against Tilton and her firm. The regulator alleged that Tilton and Patriarch Partners had defrauded investors of some $200 million dollars after mispricing loans in the firm's credit strategy.

According to a Bloomberg report on the story, in her ruling, the judge noted that Tilton did provide complete disclosures to investors about the total costs of the loans including what interest was being paid.

Tilton had spent the past two years defending herself, but also attempting to move the trial into federal court. She argued that the SEC's administrative court was unfair to defendants. Her efforts to change the administrative format used by the SEC were unsuccessful.

In a statement to CNBC, Tilton said she felt vindicated that the charges against her had been dismissed and that she looked forward to returning entirely to focusing on the companies she's invested in.

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