SEC Announces Charges Against Lynn Tilton and her NY- based Firms

    

“We allege that instead of informing their clients about the declining value of assets in the CLO funds, Tilton and her firms have consistently misled investors and collected almost $200 million in fees and other payments to which they were not entitled,” said Andrew J. Ceresney, Director of the SEC’s Enforcement Division. “Tilton violated her fiduciary duty to her clients when she exercised subjective discretion over valuation levels, creating a major conflict of interest that was never disclosed to them.”

More here: http://www.sec.gov/news/pressrelease/2015-52.html#.VRraifnF8nE

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