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Lynn Tilton Suffers Setback in Fraud Case
[Photo: by Ericabarker - own work / Wikimedia Commons]
The New York State Supreme Court on Thursday issued a split (3-2) decision denying Lynn Tilton’s motion for dismissal on the fraud charges brought against her by an investor in her Zohar distressed debt fund.
German bank Norddeutsche Landesbank Girozentrale, a Zohar investor, argued in court that Tilton misrepresented the structure of the fund and that it was not aware of the alleged fraud until the Securities and Exchange Commission announced civil fraud charges against Tilton and her firm Patriarch Partners in March 2015.
Still, it wasn’t all bad news for the distressed diva. In the dissenting opinion, Judge Richard Andrias said that given the “wealth
Ms. Tilton is awaiting a decision by an SEC Administrative Law Judge in a similar matter.
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