Tilton told me she only won because she had the money to muster an army of lawyers from Gibson Dunn & Crutcher to nullify the SEC’s structural advantage in the case. The commission sued Tilton in an administrative proceeding, rather than an enforcement action in federal court. That meant the case against her was tried before an SEC administrative law judge rather than a federal judge, under evidentiary rules set by the SEC and not the court system.
“I spent many, many tens of millions of dollars,” Tilton said in an interview Wednesday. “Most people couldn’t wage that battle.”
‘Enforcement 40’ for 2020
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