Former Old Town, Maine Mill Owner Faces SEC Fraud Charges

Monday, April 6, 2015

As the Bangor Daily News and other media outlets reported recently, Lynn Tilton -- the force of nature behind a brief ray of hope for Maine's Old Town paper mill -- is now facing Securities Exchange Commission fraud charges.   Tilton's firm had tried but failed to breath new life into the Old Town mill and, ultimately, sold the facility as reported here.

The SEC's press release says, "The Securities and Exchange Commission today announced fraud charges against an investment adviser and her New York-based firms accused of hiding the poor performance of loan assets in three collateralized loan obligation (CLO) funds they manage." 

Tilton has responded, as Reuters reports, by suing the SEC over alleged constitutional defects in that agency's administrative justice system.