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Fri, Sep 29, 2017

Lynn Tilton Cleared Of Securities Fraud

Company's Holdings Includes MD Helicopters

The SEC has dropped its fraud case against Lynn Tilton, the CEO and sole principal of Patriarch Partners ... which owns MD Helicopters.

The charges of fraud against Tilton were first brought two years ago. Tilton was accused of misleading investors about loan pool values, and collecting $200 million in extra management fees, according to a report from MSNBC. The case focused on loan pools valued at $2.5 billion, according to the report.

An administrative law judge made the decision to dismiss the case, saying the alleged violations were "unproven" by the SEC.

"I am heartened to finally be able to put to rest the rumors and innuendo that have cast a dark shadow on me and my business for so long," Tilton said in a statement issued Wednesday. "Throughout this ordeal, I have worked hard to ensure that my focus on my companies did not waver; without this meritless lawsuit hanging over our heads, however, we can now redouble our efforts to lead the portfolio companies toward growth and prosperity."

(Image from file)

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