WASHINGTON (Reuters) - U.S. regulators took aim at financier Lynn Tilton and her advisory business on Monday, saying she breached her fiduciary duty to investors by hiding the poor performance of loans underlying three collateralized loan obligations.
The Securities and Exchange Commission said that Tilton and Patriarch Partners were able to collect almost $200 million in fees by failing to properly value the assets in the funds through the methodology described to investors.
Tilton has opted to litigate the charges in the SEC's in-house administrative court.
(Reporting by Sarah N. Lynch; Editing by Susan Heavey)
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