For what seems like more-than-months now, your MesaZona blogger has put Lynn Tilton in the spotlight here for a number of posts for different reasons - six altogether starting 26 Jan 2017, including a Barbara Walters interview from NovThis news from Bloomberg today is the latest episode
Tilton Rejected by U.S. Supreme Court on SEC Fraud Complaint
by Greg Stohr May 30, 2017 6:33 AM
Source: BloombergTilton is fighting an SEC administrative complaint that accuses her of misleading investors about the value of risky pools of corporate loans. A ruling from a judge at the SEC could come any day.
Tilton argued in her appeal that the SEC’s use of in-house judges is unconstitutional and gives the agency an unfair advantage. She will have another chance to make that argument -- and perhaps seek Supreme Court review -- should the SEC judge rule against her.
The agency says Tilton overcharged investors almost $200 million on fees she collected on $2.5 billion of collateralized loan obligations she created to help fund her various businesses
Patriarch and Tilton say the claims are meritless.
[ Blogger's Note: Patriarch Partners owns Boeing and MD Helicopters here in Mesa, among 60 other companies
Federal courts are divided on the constitutionality of SEC judges. With Tilton, two lower courts said they didn’t have the power to consider that issue until the case first made its way through the SEC.
In September, the Supreme Court refused a request by Tilton to block the SEC proceeding from going forward.
The case is Tilton v. SEC, 16-906.
See what's posted on this blog from an earlier Bloomberg interview