September 27, 2017 / 9:01 PM / 9 months ago

Financier Lynn Tilton defeats U.S. SEC fraud charges

Sept 27 (Reuters) - The U.S. Securities and Exchange Commission suffered a high-profile defeat on Wednesday, as a judge said it failed to prove that private equity chief Lynn Tilton defrauded investors by hiding the poor performance of assets underlying three debt funds.

SEC Administrative Law Judge Carol Fox Foelak dismissed the charges against Tilton, the founder of New York-based Patriarch Partners who is known as the “Diva of Distressed” for taking over troubled companies. (Reporting by Nate Raymond in Boston; Editing by Lisa Shumaker)

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